Sen. Kissel, Governor Rell Usher in Law Establishing Bradley Development Zone
June 24, 2010Bill designates the area surrounding Bradley Airport as the “Bradley Airport Development Zone”
Sen. John A. Kissel (R-Enfield) today joined Governor M. Jodi Rell at Bradley International Airport as she signed into law a bill that will provide tax incentives to attract new businesses and expand existing ones within the communities of Windsor Locks, Suffield, East Granby, and Windsor.
“I have been advocating for this legislation for several years and I was very pleased to be a part of the ceremony,” said Senator Kissel. “These incentives are a small investment by the state that will yield tremendous results. Bradley is one of our state’s crown jewels and especially in the current economy, we need to do everything we can to capitalize on our assets and stimulate economic growth.”
Public Act 10-98 designates portions of the four towns surrounding Bradley Airport – Windsor Locks, Suffield, East Granby, and Windsor – as the “Bradley Airport Development Zone” and provides tax incentives for new and existing businesses. Incentives include:
- property tax exemptions to new or improved businesses with the state reimbursing the host municipality 40% of the lost revenue;
- a ten-year corporate business tax credit for businesses receiving the property tax exemption; and
- a sales tax exemption for machinery replacement costs.
“Sen. LeBeau and I met extensively with Governor Rell’s office throughout the session to work out a compromise,” said. Sen. Kissel. “Thankfully, the Governor understands the value of this important initiative and has signed it into law. I have high hopes for the future of this area and look forward to seeing our economy grow and flourish.”
Public Act 10-98 will become law effective October, 2011.
