Town of Beacon Falls Tax Incentive Ordinance
The Beacon Falls Tax Incentive Program attracts new commercial development to Beacon Falls and encourages existing businesses to expand by offering partial relief from local property tax burdens.
Specifically, the goals of the Program are:
- To provide a competitive advantage over neighboring towns;
- To increase tax revenue, allowing the Town to provide more services to residents;
- To more equally distribute tax burdens;
- To encourage new job creation; and
- To attract new businesses and expand existing businesses.
Applications to the Beacon Falls Tax Incentive Program will be accepted from any individual, group, or entity that pays or will pay real estate taxes in the town, provided:
- The total value of the investment new to the grand list is not less than $150,000;
- The project demonstrates a solid financial base and growth potential; and
- The applicant is not delinquent in any taxes, water and sewer charges, or any other charges to the Town of Beacon Falls.
The Board of Finance will recommend tax incentives as allowed by State statute after considering the following criteria:
- Demonstrated need for incentives;
- Potential for new job creation;
- Providing a product, need, or service to the local community;
- Appropriateness of the business to its proposed location;
- Possibility for the business to spawn other new businesses;
- Planned use by the business of other Beacon Falls vendors;
- Compatibility of the project with the environment and town resources;
- Contribution to the town’s infrastructure, including roads and utilities;
- Net gain provided to the town tax base; and
- Improvement or renovation to historic structures.
These criteria are not exclusive, and the members of the Board may consider other issues when appropriate to do so. Each application presents a unique set of circumstances, the applicant should make the Board so aware should those circumstances require the consideration of additional factors.
The amount of the incentives are as follows:
For capital improvements of $150,000 or greater:
| Year | Percentage of Property Exempt |
| 1 | 50% |
| 2 | 30% |
| 3 | 10% |
For capital improvements of $300,000 or greater:
| Year | Percentage of Property Exempt |
| 1 | 50% |
| 2 | 40% |
| 3 | 30% |
| 4 | 20% |
For capital improvements of $2,500,000 or greater:
| Year | Percentage of Property Exempt |
| 1 | 50% |
| 2 | 40% |
| 3 | 30% |
| 4 | 20% |
| 5 | 10% |
Any of these packages must be approved by the legislative body of the Town of Beacon Falls in order to enable the Town and business to enter into a written agreement.
CONTACT
Sadie Colcord
Sadie Colcord
Economic Development Coordinator
(203) 217-4358