For Immediate Release

April 2, 2009

CBIA OPPOSES FINANCE COMMITTEE’S TAX INCREASES

Plan would further harm our economy and cost jobs in key industries

The Connecticut Business & Industry Association urges rejection of the tax increases passed by the legislature’s Finance Committee, that if enacted, would cause significant job losses in key sectors of Connecticut’s economy, including manufacturing, bioscience, fuel cell, IT and corporate headquarters.

The committee’s proposal would limit the value of tax credits that have significantly contributed to investments and job creation in Connecticut; increase sales tax on many already struggling employers; and raise the corporate tax rate by 30 percent for the next three years.

“During these tough economic times, 52,000 Connecticut workers have already lost their jobs and businesses are doing all they can to survive and preserve jobs. The committee’s actions, if adopted, would further harm Connecticut’s economy, delay our recovery and cause additional job losses, particularly in the state’s key growth industries,” said John R. Rathgeber, CBIA president and CEO.

“It’s time for the Governor and our legislative leaders to work together to reduce expenditures, and make state government more efficient and responsive in order to reduce the need for tax increases,” said Rathgeber.

“Connecticut’s economic recovery must be our top priority. Our future depends on it.”

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CBIA is the state’s largest business organization, with 10,000 members.

For more information contact Nancy Andrews, CBIA media relations manager, at 860-244-1957 or andrewsn@cbia.com.

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