State Representative Dave Yaccarino (R-87) today hailed passage of a bipartisan jobs bill that supports Connecticut employers and will encourage job growth across the state.
During a special session on jobs, legislative Republicans and Democrats came together overwhelmingly to pass H.B. 6801, An Act Promoting Economic Growth and Job Creation in the State by a vote of 147 to 1.
“Today, with strong bipartisan support, we passed legislation that supports the employers we have and encourages them to expand and hire new workers,” Rep. Yaccarino said. “This bill also provides incentives to companies thinking about moving here with a streamlined permitting process and job creation tax credits. I’m pleased we were able to work together to get this much-needed legislation done.”
The package of bi-partisan reforms negotiated between the Governor’s office and legislative Democrats and Republicans includes:
Small Business Express Package – $50 million a year for three programs:
o Revolving Loan Fund – for small businesses.
o Job Creation Incentive Program – for small stable businesses looking to expand employment.
o Job Creation Matching Grant – for small stable businesses looking to expand.
Step Up – $10 million a year for employee training programs
o $5 million a year for employee training targeted at unemployed low-income people in high unemployment areas.
o $5 million a year for programs geared toward manufacturers.
Streamlining the Permitting Process – Hiring consultants to perform a LEAN analysis at DAS, DECD, DOT and DEEP to develop systemic changes at these agencies to permitting process, and enforcement for businesses; allow for pre-permitting in some instances. Also:
o 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.
o Manufacturing Reinvestment Account increases eligibility from 50 to 100 companies, and increases tax-exempt reinvestment.
Job Training – $10 million per year for two years to establish or expand manufacturing technology programs at three community colleges and $10 million per year for two years to establish and/or expand manufacturing technology programs at three vo-tech schools.
The bill also includes provisions that create a program for Airport Development Zones, authorization of a second First Five program to provide incentives to established Connecticut business to expand and hire new workers, and provides $340 million to the Manufacturing Assistance Act (MAA) over the next two years.
“The bill passed today is only the beginning and we must continue to work to foster a better business climate across the state,” Rep. Yaccarino said. “There’s no reason we can’t make Connecticut a model for the rest of the country.”