The City of New Bedford Tax Increment Financing Program is an incentive program designed to encourage new development that supports our community vision and create new jobs that offer opportunities for all citizens. This program is administered as the local component of the state’s Economic Development Incentive Program, and is a partnership between the state, the municipality, and an expanding company.
The Economic Development Incentive Program (EDIP) is a flexibly and locally driven program that has become a premier economic development tool for Massachusetts. The EDIP is best described as a three-way partnership between the state, the municipality, and an expanding company.
In this program, participating companies receive favorable state and local tax treatment in exchange for job creation and commitments for private investment.
Under the EDIP, the City of New Bedford is an Economic Target Area and Gateway Municipality, and utilizes this designation to address blighted, distressed, and underutilized areas and sites. In a Gateway Municipality such as New Bedford, businesses looking to propose for such areas or sites are eligible for greater incentives. A company that intends to locate or expand operations in the city may submit a project proposal for certification to the City of New Bedford Tax Increment Financing Board. Types of eligible projects in the EDIP include; Expansion Projects, Enhanced Expansion Projects, Manufacturing Retention Projects, or Abandoned Building Renovation Projects.