The state will soon establish a public web database devoted to its efforts to promote economic development.
Greater transparency is promised concerning “information regarding the various forms of state economic assistance and tax credits used to recruit businesses and encourage job creation.”
Gov. Dannel P. Malloy, joined by state Comptroller Kevin Lembo and Department of Economic and Community Development Commissioner Catherine Smith, signed Executive Order No. 38 to make information on certain economic and tax incentives used to recruit or retain businesses more accessible.
The order directs the DECD, in collaboration with the Department of Revenue Services, to make and maintain a searchable electronic database on the DECD website containing information on business- and job-themed state economic assistance and tax credits.
The commissioner of DRS will be required to provide the commissioner of DECD with a report indicating the aggregate amounts of credits claimed in the previous fiscal year as well as those that are carried forward to offset future tax liabilities.
As provided by DRS, DECD will also post information concerning the size, type and location of businesses claiming tax credits.
Said Malloy, “Connecticut’s taxpayers have a right to know what their state government is doing to promote economic development and job creation and, through this executive order, we will give the public easier access to this information. This directive demonstrates that we are serious about making state government more transparent, more responsive and more efficient to businesses, private citizens and policymakers alike.”
“Our state invests hundreds of millions of dollars every year in economic assistance and tax credits designed to promote economic development and job growth and the public deserves to know how these programs are performing,” Lembo said.