Gateway city projects receive nearly $1.9M in tax credits

The Executive Office of Economic Development announced on Jan. 3 that projects in Brockton and Taunton were approved for participation in the Massachusetts Economic Assistance Coordinating Council’s Economic Development Incentive Program.

The recipients, CMZ USA LLC in Brockton and Nye Lubricants Co. in Taunton, will receive $1.89 million in state tax credits for projects that are expected to create 125 new jobs, retain 40 jobs, and leverage approximately $14.5 million in private investments.

The Incentive Program is aimed at job creation and stimulating business growth. Eligible participants may be granted state tax credits along with local property tax incentives in exchange for committing to job creation and retention in coordination with private investment in the project.

The council also approved two projects to receive tax credits of $10,000 each through the Vacant Storefront Program: Northampton’s Toasted and Westfield’s Comfort Bagel.

Municipalities can apply for a Certified Vacant Storefront District designation to be applied to a defined commercial/downtown area. With the designation, businesses within the district may secure local matching funds to apply to the Coordinating Council for tax credits for leasing and occupying a vacant storefront.

The council designated Springfield’s Mason Square area as a Certified Vacant Storefront District, and the city has committed $500,000 to help small businesses in the district.

Visit the Economic Assistance Coordinating Commission website for more information.