Economic Development & Planning

Business Support Programs and Incentives 

Haverhill is home to companies in cutting edge industries from medical devices to
information technology to advanced manufacturing. With 5 exits off of I-495, 2 commuter
rail stations connecting to Boston, Amtrak service, and room to grow in its business park
and its downtown, Haverhill is an ideal destination for businesses looking for highly
talented employees in a lower cost setting.

Business Environment

Haverhill is a business-friendly community that offers a low commercial tax rate,
expedited permitting, and a variety of business support services, including
entrepreneurial and start-up assistance, access to workforce training through our local
Northern Essex Community College and Merrimack Valley Workforce Investment Board,
and a strong, highly networked, and welcoming business community.

Incentives for Business


Haverhill businesses have access to a broad range of incentives that help assist growth.
A brief summary includes workforce training funds, tax incentives, and financing.

The state’s Workforce Training Fund (WTF) provides grants up to $250,000 to upgrade
skills of new or incumbent workers. The WTF Express program offers grants of up to
$30,000 for “off-the-shelf” worker training programs approved by the state.

Favorable tax incentives are available in Haverhill. Massachusetts provides a 3%
Investment Tax Credit (ITC) for investments in tangible depreciable assets to all
manufacturers and a Sales & Use Tax Exemption for manufacturers and companies
engaged in R&D. Haverhill can also offer Tax Increment Finance (TIF) agreements to
employers that are making substantial investments in property as part of a jobs
expansion project, with exemptions from 5-100% on the value added to a property as
part of the jobs project, for a period of 5-20 years. As a so-called “gateway community”,
for employers creating 100+ jobs, Haverhill can offer state-approved Investment Tax
Credits of up to 10% and 40% for manufacturers. Research-based companies can qualify
for a 10% Massachusetts R&D Tax Credit. Haverhill manufacturers also will benefit from
Single Sales Tax Treatment, that provides a significant advantage to Massachusetts
manufacturers with multi-state operations.

MassDevelopment, the state's economic development bank, provides an array of

financing tools to assist growing companies. The Emerging Technology Fund can provide
up to $2.5 million in low-cost financing to eligible technology-based
firms. MassDevelopment provides export assistance loans, equipment loans, and
guarantees to growing manufacturers and is the state's purveyor of Tax-Exempt Industrial
Development Bonds.

Gateway Community Status

Being a Gateway Community, the City of Haverhill actively participates with the State of MA to utilize the EDIP (Economic Development Incentive Program) in providing local and state tax abatements. Of the 351 towns and cities in MA, there are only 26 Gateway Communities. 

Gateway status combined with tax incentives is an additional bonus for choosing Haverhill as your company’s home-base.

We’re here to help! Call your one-stop Haverhill business assistance center at 978-374-2330

 

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