Economic Growth:
Job-creation tax credit expanded

(June 26, 2007) A positive economic development bill that includes increased tax credits for job creation gained approval this session.

The Commerce Committee was instrumental in proposing and ensuring passage of the measure.
Among other things, SB-1435 extends the job-creation tax credit to existing Connecticut companies. The bill also reduces the jobs-created threshold from 25 jobs to 10 jobs. Additionally, the bill increases the maximum tax credit from 25% percent to 60%.

Meanwhile, CBIA is pleased that a negative bill died. HB-7032, an antisourcing measure that discouraged companies that contract with the state from sourcing some of their work to locations that will enable them to be more competitive and effective, failed. Although the proposed bill was not an outright ban on outsourcing under state contracts, it would have sent the harmful and pointed message that Connecticut is unfriendly to the global economy.

For more information about these bills, contact CBIA’s Kevin Hennessy at 860-244-1979 or hennessk@cbia.com.

CBIA Action Center

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