The recently enacted jobs bill shows a bipartisan effort of both sides of the aisle to address nearly two decades of no job growth in Connecticut. It is a soup-to-nuts approach to grow the state”™s economy and jobs.
Among its provisions, the bill provides for quick-response financial assistance programs for small business and a temporary subsidy for employment and training costs for businesses that hire eligible new employees. It also expands the state”™s First Five and Manufacturing Reinvestment Account programs.
The bill replaces several existing job-creation tax credit programs with a new job-expansion credit. It makes the business entity tax payable every other year starting with the first payment in 2014. It also reduces the minimum investment required for an angel investor income-tax credit and lastly it expands the types of productions eligible for film-tax credits. The film credits are extremely important to Stamford as the city expands its entertainment production activity.
The cost to the state is not inexpensive. It will be $600 million in bonding and probably close to $1 billion by the time the state pays it off in 20 years, but it is a necessary step if Connecticut wants to stay competitive.
Was this bipartisan effort just a brief shining moment for Connecticut legislators or is it a change in attitude? Connecticut business leaders are applauding this effort by the legislators and hope it is an indicator of further cooperation between the parties. Other states are working very hard to lure Connecticut”™s business. This jobs bill is a step in the right direction to make it a more level playing field.
Jack Condlin is president and CEO of the Stamford Chamber of Commerce.
