CBIA State Budget Vote Reaction

CBIA president and CEO Joe Brennan issued the following statement today:
“Before the budget process even started earlier this year, we were clear that the budget needed to pass the following test: it must be bipartisan, avoid broad-based tax increases, and include structural reform of state government and our budgeting process. This budget meets that test.
“The challenge lawmakers faced was tough as our state’s fiscal crisis is, in part, the result of years of poor economic growth and bad policy choices. Our problems didn’t happen overnight and they won’t be solved overnight either, but this budget package begins to set Connecticut on a better path.
“The final product, while not perfect, should help provide business leaders with the confidence necessary to invest and create jobs here.
“In addition to avoiding income tax and sales tax increases, this budget includes an improved spending cap as well as other long-term structural reforms like a stronger cap on borrowing and required votes on union contracts.
“The budget also makes changes to current binding arbitration and prevailing wage laws, which gives municipal leaders more flexibility in negotiations with unions when it comes to town projects.

"In addition, this budget allows companies to use stranded tax credits on other venture projects, which not only encourages growth and investment, but provides companies an incentive to do so here in Connecticut.
"We're still concerned about the requirement that the state set wage rates for companies accessing Department of Economic and Community Development assistance, which could ultimately discourage businesses from using those funds to invest in Connecticut.
"We thank the legislative leaders for working together to craft a state budget that has strong bipartisan support among their colleagues.
"As we look forward to the upcoming session, we hope this sense of cooperation stays with lawmakers.
"Residents deserve a General Assembly that despite their differences, can come together to debate and deliver solutions that will turn our economic difficulties around and create more opportunities for everyone."

---

CBIA is Connecticut's largest business organization, with thousands of member companies, small and large, representing a diverse range of industries from every part of the state. For more information, please email or call Meaghan MacDonald (860.244.1957).