Connecticut Manufacturing Innovation Fund Voucher Program (MVP)June 30, 2015
Corey C. Veneziano, CPA, MSAT
Earlier this year, the State of Connecticut’s Department of Economic and Community Development (DECD), along with the Connecticut Center for Advanced Technology (CCAT), developed a matching grant program to assist Connecticut manufacturers and allied service providers who undertake innovative projects that improve productivity, efficiency and competitiveness. This program, labeled the Connecticut Manufacturing Innovation Fund Voucher Program, or CT MVP, is being administered on a first-come, first-served basis. Grant awards from the program range from $5,000 to $50,000 and must be matched dollar for dollar by the applicant.
Key eligibility requirements of the CT MVP program are as follows:
- Must be a manufacturer or allied service provider (allied service providers only include companies that physically interact with a manufactured good to alter the product (e.g., industrial heat treaters and industrial platers).
- The company must have a manufacturing facility in Connecticut or relocating operations to Connecticut.
- Company must be registered for at least three years and currently generating revenue.
- 51% or more of the company’s revenue must be generated from the sale of goods or from allied services provided to manufacturers.
- Company must have 300 or less employees.
- Total proposed project value must be at least $10,000.
- The company’s manufacturing facility must be operating in an appropriately zoned commercial area.
- Company must not have previously received $50,000 or more from MVP program.
- Must be in good standing with both the CT Department of Revenue Services and CT Department of Labor at time of application submission.
Additional details on the CT MVP program, including program application and eligible funding uses, can be found at http://ctmvp.ccat.us/info.php. If you have any questions or would like further details on this program, please contact Corey Veneziano at firstname.lastname@example.org, (860) 231-6636.
Corey Veneziano is a manager in the firm’s tax department based in West Hartford, CT. Corey has a wide range of experience in tax compliance, consulting and planning for privately held businesses and their owners. He has provided tax services to clients in a variety of industries, including manufacturing, distribution, retail and professional services.
BlumShapiro is the largest regional business advisory firm based in New England, with offices in Connecticut, Massachusetts and Rhode Island. The firm, with nearly 400 professionals and staff, offers a diversity of services which includes auditing, accounting, tax and business advisory services. In addition, BlumShapiro provides a variety of specialized consulting services such as succession and estate planning, business technology services, employee benefit plan audits, litigation support and valuation. The firm serves a wide range of privately held companies, government and non-profit organizations and provides non-audit services for publicly traded companies.