The Manufacturing Machinery and Equipment Exemption Program allows eligible manufacturers to receive 100% tax exemption on local property taxes for qualified, newly acquired machinery and equipment for a period of five years.
To qualify for the exemption, machinery and equipment must be a five or seven year property as defined by the IRS, acquired during prescribed time periods and used predominantly for manufacturing and R&D purposes. All 169 towns and taxing districts in the state participate in this program and receive reimbursement from the state for the exemptions granted.
Manufacturers need to apply for this exemption by submitting Form M-65 to their local assessor’s office annually by November 1st. Guidelines and the application can be accessed online via The Office of Policy and Management on the state’s website.
If you have questions or would like additional information, please contact Shirley Corona at The Office of Policy and Management at 860.418.6221.