Representative Laura Hoydick (R-120) today joined with Republican lawmakers as they released their plans to grow jobs through targeted tax incentives, regulatory reforms and workforce development initiatives. This month’s report from the State Department of Labor offered a sobering statistic thatConnecticuthas lost 8,600 jobs in August alone. The state’s unemployment rate has held at 9.1% for eighteen months now, and this latest report shows an unemployment rate of 9%. The state’s economy has added only 4,400 jobs, less than one quarter of a percentage point, over the preceding twelve months.
Republican legislative leaders emerged from discussions with Governor Dannel P. Malloy, with both parties expressing bi-partisan support for a number of job-creating initiatives for the Special Session which is scheduled for October 26th.
Like many other Republican lawmakers, Hoydick spent the summer months in their districts talking to business owners to develop the proposals.
“We have certainly been talking about making Connecticut‘open for business’ for a long time, but not much has been done under this administration to help create jobs,” said Rep. Hoydick. “At the upcoming Special Session next month we have a great opportunity to change the culture in the state from being anti-business to one that encourages measurable job growth.”
Both legislators pointed to a recent Connecticut Business and Industry Association (CBIA) survey of 700 business owners in the state. A full 68% of responders pointed to the Governor’s tax increases as a barrier to their expanding their businesses and creating more jobs. Connecticutcame in near the bottom of all states according to 60% of those polled when comparing their home state to other states on their business friendly climate.
Among the features of the House and Senate Republican proposals are:
- Recruiting and retaining small business through tax exemptions and credits for expansion or relocation toConnecticut.
- Privatizing certain state services which will be competitively bid to private companies.
- Expanding the Small Business Job Creation Tax Credit so that any business creating a new job is eligible.
- Tax Relief to small businesses allowing 30% of taxable income to not be taxed if it is reinvested in the company.
- Redevelopment of brownfields through tax abatements and incentives.
- Expand placement efforts of skilled workers.
- Encouragement of Research and Development, lifting the 70% liability reduction cap on companies using R&D credits.
- Numerous regulatory and permitting reforms which will makeConnecticutmore business-friendly.
Read the proposals here.
