HARTFORD – Representative Christopher Davis (R- Ellington) today praised the passage of a significant package of reforms aimed at spurring Connecticut’s lagging employment figures and sluggish state economy. The bi-partisan measures were adopted today by overwhelming votes in both the state House and Senate during a special session of the General Assembly.
Over the past six months Davis has been busy meeting with and visiting numerous businesses in Ellington and East Windsor to get a clear picture of how Connecticut’s business environment was impacting the day-to-day operations of local companies.
“The theme I’ve been hearing from these businesses has been consistent,” said Davis. “There are so many taxes and regulations that it’s making it difficult for companies to succeed, grow and provide jobs to a state that is hungry for employment. This is a good start but, quite frankly, we are still way behind in terms of fostering an environment suitable for the type of economic growth we need. Hopefully this jobs package is just the beginning.”
The package of bi-partisan reforms negotiated between the Governor’s office, legislative Democrats and Republicans includes:
Small Business Express Package – $50 million a year in assistance to small business
- Revolving Loan Fund – for small businesses on the verge of closing.
- Job Creation Incentive Program – for stable small businesses looking to expand employment.
- Job Creation Matching Grant – for stable small businesses looking to expand their operations, invest in their companies, and increase employment.
Streamlining the Permitting Process – performing a LEAN analysis at DAS, DECD, DOT and DEEP to develop systemic changes at these agencies to permitting process; allow for pre-permitting in some instances; development of tiered permitting by DEEP.
Job Creation Tax Credits which consolidates and increases existing credits to $500 per month for each new job created by a small business; $900 per month for hiring unemployed, disabled or veterans.
Manufacturing Reinvestment Account increases eligibility from 50 to 100 companies, and increases tax-exempt reinvestment.
Public-Private Partnerships – allowing the state to enter into contracts with private entities to provide public goods and services, such as building, financing, operating, or maintaining facilities.
Job Training – $20 million per year to establish or expand manufacturing technology programs at three community colleges and three vo-tech schools.
Reduction in the Business Entity Tax – Beginning in 2013, all businesses pay $250 every two years, effectively cutting the tax in half.
The measure also includes provisions that create programs for farmland restoration, Airport Development Zones throughout the state, authorizations for much needed bridge repairs, and authorizations for assistance to help spur innovation and entrepreneurship within the state.