Connecticut legislators on Saturday passed a far-ranging, bipartisan bill that attempts to jump-start Connecticut’s dismal jobs picture by extending loans to struggling small businesses and helping train the unemployed for new careers, The Associated Press reports.
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The legislation, which was negotiated between state lawmakers and Gov. M. Jodi Rell, easily cleared both the House and Senate. The vote in the House was 140-4, and 32-0 in the Senate.
It comes as Connecticut’s latest unemployment rate rivals that of the mid-1970s. In March, the state’s jobless rate was 9.3 percent.
“This bill is not going to fix the recession. It’s not going to reverse all the job losses, but it is a move in the right direction and it will help small businesses create jobs,” said Sen. Dan Debicella, R-Shelton.
The bill, among other things, focuses heavily on helping small businesses. For example, it provides up to $500,000 in loans and lines of credit for small companies and nonprofit agencies, extends an existing job creation tax credit to more small businesses, and helps small manufacturers become more energy efficient.
“Small businesses often live and die by the lines of credit that they have,” said Senate President Donald Williams, D-Brooklyn. “This helps them keep those lines of credit open so they can keep their businesses running.”
There are incentives in the bill for investment in Connecticut businesses. For example, it calls for personal income tax credits for “angel investors,” people who invest in qualified bio-science, photonics, information technology and so-called green technology businesses in the state.
A student loan forgiveness program for students who study “green technology,” life sciences and health information technology; $1.3 million in job training for homeowners grappling with mortgage problems; and a sales tax exemption for machinery, supplies and fuel used in renewable energy industries, are also included in the bill.
“This comprehensive approach to help put Connecticut back to work builds on the plan I offered in February with sound programs and recommendations from both sides of the aisle,” said Rell, a Republican. “Creating jobs has been a number one priority for everyone this session.”
Sen. Gary LeBeau, D-East Hartford, co-chairman of the Commerce Committee, a 20-year veteran of the General Assembly, called the legislation “the most significant and comprehensive job-creation bill that the legislature has ever done.”
