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Connecticut Spends $860 Million on Businesses Incentive Programs

It's one of dozens of states across the country that collectively spends $80.4 billion annually to lure business growth, the New York Times reports.

Connecticut spends about $241 per capita each year developing business growth, or $860 million annually, according to a report in the New York Times.

Connecticut is one of 45 states in the country that invests heavily in business development. Nationally, the country spends $80.4 billion on business incentive programs, the newspaper learned following a 10-month investigation.

Of the $860 million Connecticut spends annually on business tax incentive programs, $392 million represents some type of tax discounts, including sales tax and other tax exemptions. Another $377 million represents corporate income tax credits or reductions, while some $90 million of the annual total represents cash grants, loans or loan guarantees to businesses.

The top incentives by industry in Connecticut, the newspaper found were:

  • $218 million in Agriculture
  • $152 million in Manufacturing
  • $135 million in Technology

One of the top beneficiaries of the state's largesse is the Royal Bank of Scotland in Greenwich, which has gotten some $100 million in corporate income tax credits, rebates or reductions from Connecticut, the Times' data shows.

John Pickoff December 04, 2012 at 10:46 PM
I recently had to contact all the state organizations in charge of recruiting foreign businesses. This was a study done on behalf of the European Commission. The only state where nobody EVER answer my numerous voice mail messages was...guess....CONNECTICUT Department of Economic and Community Development. Our state has so many inefficient/incompetent people and organizations that it is no surprise that we cannot attract new businesses. The $241 per capita spent by CT is a total waste of money. It is time for CT to become business minded and get rid of the dead wood!
seanwestervelt December 08, 2012 at 04:19 AM
Please, just make it stop.
Sami Mehmed Jr December 09, 2012 at 04:21 PM
So sad, but most likely true. If your job provided raises each year, great benefits, and almost the possibility of never being let go, may I ask what incentive would you have to become efficient / competent. Get the party balloon out, socialize and take advantage of CT's public work policies.
Socialist Worker December 12, 2012 at 05:26 AM
The state should end all so called incentives to business. If they claim they have a right to a private profit than they don't need state assistance. If the state says we have to compete with other states than the states should come together to end this by either federal law of by interstate compact. They could start this by interstate compact right now without even a debate in Congress.

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