Springfield has many different programs to help new and existing businesses grow. Below is information about some of the most useful programs. Be sure to check out our business support information as well.
of Tax Increment Financing (TIF) This program is available for commercial real estate redevelopment. Projects must create and/or sustain jobs and include significant private investment that impacts new real estate values. This program is a partnership with the Massachusetts Economic Development Incentive Program and may include state tax credits. TIFs have a duration of between five and 20 years and only affect new growth generated by economic development projects.
A similarly structured program, the Housing Development Incentive Program (HDIP), is also available to market-rate multifamily housing projects and provides tax incentives for the development of new market-rate housing units. Learn more about.
new market tax credit – The NMTC program allows taxpayers to receive a federal income tax deduction for making qualified stock investments in designated community development entities.
Research and development tax credit – Massachusetts has a research and development tax credit with generous carryover provisions.
Massachusetts Film Tax Credit – There is a state tax credit available to filmmakers who wish to shoot their films in Massachusetts. Springfield is a cost-effective alternative to Boston and has location advantages. Click here to learn more about the Film Tax Credit.
of City of Springfield CDBG Storefront Grant This program is designed to help neighboring businesses within CDBG coverage areas complete basic storefront improvement projects. Financing available up to $25,000 per store. Property owner applicants must have a 100% match on a project-by-project basis. Business owner applicants require a 10% match per project. For program details and requirements, please visit here for application guidelines.
Learn about the Federation Opportunity Zone Program Click here to learn more about our Springfield and Springfield coverage areas.
