PLAINFIELD - With a state tax incentive program set to end next year, town officials are proposing a local gap-filling program aimed at attracting new developers and enticing existing business owners to improve their properties through a property tax deferment option.
The Rehabilitation Area Property Tax Deferral Program would give qualified applicants the ability to put off paying a portion of their property taxes for up to 11 years, depending on the scope and cost of the improvement work.
The program, expected to be voted on by the Board of Selectmen next month, comes as the state’s Enterprise Corridor Zone program winds down. That program, which will end in June 2022, offered tax abatements and tax credits to companies involved in manufacturing and distribution if they agreed to build or expand in specified sections of a municipality.