Springfield has a number of different programs to help new and existing businesses grow. Below is information on some of the most useful programs. Also be sure to check out information on Business Assistance.
Tax Increment Financing (TIF) and District Improvement Financing (DIF) are economic incentives that promote city redevelopment projects. Through TIF, developers can receive tax breaks, and also, developers can have monies allocated to redevelopment districts through DIF.
New Market Tax Credits - The NMTC program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community development Entities.
Research & Development Tax Credit - Massachusetts has a permanent 10% and 15% research and development tax credit with generous carry-forward provisions.
Massachusetts Film Tax Credit - There is a state tax credit for filmmakers who wish to shoot films in Massachusetts. Springfield offers a more cost-effective alternative to Boston and also has advantages in location. For more information about the Film Tax Credit, click here.