Middletown Job Creation Incentive Grant Program
Category: Grants
The Job Creation Incentive Grant Program is a program offered by the City of Middletown to provide incentives to companies making substantial investments in new employment within the City of Middletown. Companies creating a minimum of 15 full-time jobs and $750,000 in payroll are eligible to participate in the program. The grant is equal to 15% of the Middletown city income taxes collected annually for every $1 million in new payroll created, up to a maximum percentage of 50%. Taxes are returned as a grant for up to 10 years. The grant is capped at $100,000 annually for any single project.
Job Creation Incentive Grant Financial Impact Summary
| Levels | Annual New Payroll | Annual Income Tax | Percent Abated | Annual Grants | Total Years | Total Grants |
|---|---|---|---|---|---|---|
| Level 1 | $750,000 | $17,500 | 15% | $2,625 | 4 | $10,500 |
| Level 2 | $2,000,000 | $35,000 | 30% | $10,500 | 6 | $63,000 |
| Level 3 | $3,000,000 | $52,500 | 45% | $23,625 | 8 | $189,000 |
| Level 4 | $4,000,000 | $70,000 | 50% | $35,000 | 10 | $350,000 |
