Terryville is currently targeting companies from the below industries. Expand each industry for more context.
Terryville, CT, has a history rooted in manufacturing, particularly in the production of locks and hardware. This sector continues to offer potential for economic development through innovation in manufacturing technologies and diversification into advanced manufacturing sectors.
The healthcare sector in Terryville, CT, is a critical component of the local economy, providing numerous jobs and services to the community. There is potential for growth in this sector through the expansion of facilities, services, and the integration of technology to improve healthcare delivery.
Retail trade offers significant opportunities for economic development in Terryville, CT, by catering to the daily needs of the local population and attracting visitors. Enhancing the retail mix and improving the shopping experience can stimulate local spending and support small businesses.
Terryville Economic Development Team
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Taxes in Terryville, CT
Sales Tax: The sales tax rate is 6.35%, which equals $6.35 per $100.
Corporate Income Tax: The corporate income tax rate is 7.5%, amounting to $7.50 per $100.
Property Tax: The property tax rate varies by locality, with an average rate that can be represented as approximately $2.07 per $100, or 2.07%.
More comprehensive tax data for Terryville is coming soon!
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Business and Tax Incentives in Terryville, CT
Terryville offers a variety of economic incentives to help businesses at the local, state, and federal level.
Urban and Industrial Sites Reinvestment Tax Credit
This tax credit program offers up to 100% in credit for investment in the rehabilitation of contaminated industrial sites and the development of urban areas in Connecticut. It aims to encourage the cleanup and redevelopment of brownfield sites and the revitalization of urban centers.
Manufacturing Innovation Fund Voucher Program
The program supports Connecticut manufacturers by providing financial assistance in the form of matching funds for specific projects that improve productivity, efficiency, and competitiveness. Projects can include new equipment, workforce training, or other strategic initiatives.
Connecticut Small Business Express Program (EXP)
This program provides loans and grants to Connecticut's small businesses to spur job creation and growth. It is designed to provide a stronger economic base in Connecticut by facilitating access to capital, encouraging business expansion, and job creation.
Reviews
Let’s see what local businesses have to say about doing business in Terryville.
FAQs about Terryville, CT
Businesses in the manufacturing, healthcare, retail trade, and service industries tend to thrive in Terryville due to the town's skilled workforce, diverse population, and supportive economic development initiatives.
New businesses can benefit from networking opportunities, guidance on local regulations and incentives, and marketing support provided by organizations such as the Terryville Chamber of Commerce and the Litchfield County Economic Development Partnership.
Starting a business in Terryville involves choosing a business structure, registering the business, obtaining necessary permits and licenses, understanding local zoning laws, and exploring financing options through programs like the Connecticut Small Business Express Program.
While Terryville encourages diverse business growth, technology startups can particularly benefit from state-level initiatives such as the Manufacturing Innovation Fund Voucher Program, which supports technological advancements and efficiency improvements.
Terryville supports workforce development through access to educational institutions like Central Connecticut State University and Tunxis Community College, as well as through vocational training programs and partnerships with local businesses for job training.
Small businesses looking to expand in Terryville have access to financial assistance through the Connecticut Small Business Express Program, tax credits via the Urban and Industrial Sites Reinvestment Tax Credit program, and additional support from local economic development organizations.
Businesses in Terryville can benefit from state and local incentives aimed at promoting environmental sustainability, including programs for energy efficiency upgrades, renewable energy installations, and the rehabilitation of contaminated sites through the Urban and Industrial Sites Reinvestment Tax Credit.
Terryville's diverse demographic, competitive rents, and strategic location near major highways and urban centers like Hartford make it an attractive location for retailers looking to serve both local residents and visitors.
McKinney offers an inviting landscape for businesses to prosper while enjoying the city's unique blend of heritage and business growth.
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