Connecticut: $1 Million in Sales Tax Exemptions to Keep Pitney Bowes
- Sales Tax News
- Nov 22, 2013 | Gail Cole
Connecticut Governor Dannel P Malloy (D) announced this week that Pitney Bowes, will remain in Connecticut, where it was founded nearly a century ago. Concerns that the company would leave the state arose when it sold its headquarters in Stamford last month. Indeed, the postage ink supplies distributor admits it was “actively wooed” by Westchester County, New York. Connecticut had to fight to keep it in the Constitution State: “a real dog fight,” according to Pitney Bowes spokesman Bill Hughes.
The Connecticut Department of Economic and Community Development won the fight and reached a deal with Pitney Bowes, promising the company:
- A $15 million loan, $10 million of which will be forgiven with the creation of 200 jobs over the next five years;
- Up to $1 million in sales and use tax exemptions for capital improvements;
- A $1 million job training grant; and
- Up to $10 million in urban and industrial site reinvestment tax credits.
This agreement is part of the First Five program, a job creation initiative.
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