CT Innovations considers tax exemptions for major medtech, food manufacturing projects - Hartford Business Journal

Connecticut Innovations, the state’s quasi-public venture capital arm, is set to vote on requests for sales and use tax exemptions for three major projects, including the state’s first proton therapy center in Wallingford.

The developers are seeking tax benefits under the state’s Sales & Use Tax Relief Program, which exempts companies from Connecticut’s 6.35% sales tax, up to a certain amount, for capital equipment and/or construction materials.

On Tuesday, CI’s Loan Committee will consider approving up to a $5 million tax exemption for construction costs related to the Connecticut Proton Therapy Center’s 25,000-square-foot facility.

Yale New Haven Health, Hartford HealthCare and Proton International have partnered to develop the $75 million proton therapy center, which is under construction.  

Also, the committee is set to consider a $700,000 tax exemption for Home Market Foods Inc.’s expansion and renovation of the former Carla’s Pasta’s facility in South Windsor.

Home Market Foods, based in Norwood, Massachusetts, has proposed a $71 million upgrade and a 28,000-square-foot addition to the existing facility for a new frozen food manufacturing plant. The company produces frozen meatballs and other foods, including hot dogs.

In addition, the committee will consider up to a $500,000 tax exemption for New England Cell Therapeutics Inc.’s construction of a new biotechnology research and development facility in Windsor.

New England Cell Therapeutics has proposed a 50,000-square-foot facility at 2195 Day Hill Road. The company is owned by Japan-based Nipro Group, which makes medical equipment and test- and diagnosis-related products.

To qualify for the Sales & Use Tax Relief Program, a project must be valued at more than $4 million.

CI requires a letter of credit so the agency can force repayment if a company falls short of its requirements or moves out of state within 10 years. Full or partial clawbacks have occurred.

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