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 and Other Helpful Resources

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.

Brownfields Reuse and Tax Abatement

The City of Springfield and the Commonwealth of Massachusetts want to ensure environmental soundness while engaging in robust economic activity.  Brownfields, or properties deemed highly contaminated, posses economic potential but need to be cleaned up before being used.  Through various brownfield redevelopment programs, the city can channel tax dollars to assist in the clean up of a brownfield. 

Grow Springfield Fund

The Grow Springfield Fund is a unique economic development partnership between the City of Springfield and the National Development Council's Grow America fund.

New Businesses and Developments in Springfield

The City of Springfield is quickly attracting new investment.  With a strong program of business support, a large pool of talented workers from which to draw from, and significant locational advantages, many businesses are choosing to locate and expand in Springfield.

These new businesses will expand the tax base in Springfield, allowing the City a greater opportunity to provide services and opportunities to make Springfield a better place to live and work.

New businesses and developments in Springfield:

Construction of the U.S. Federal Courthouse

New England Medical Center

Nuvo Bank -- Main Street

Performance Food Service Group

Springfield College Wellness Center

Stop and Shop

Springfield College Wellness Center / Field House