Being a resident of Stamford for 50 years, as well as an entrepreneur and a businessman, I have come to realize that Connecticut has a dynamic and prosperous work force where businesses have the ability to grow and individuals can succeed.
As lieutenant governor, I’ve made it my responsibility to ensure the continued growth of existing business and encourage new ones to join Connecticut’s business community.
As a team, Gov. M. Jodi Rell and I are working hard to promote pro-business legislation such as House Bill 5780: An Act Concerning the Job Creation Tax Credit Program.
Legislative initiatives such as this create a business environment that lessens the burden and ambiguities in taxation and regulation, while benefiting new businesses aspiring to grow in Connecticut.
Allowed To Die
Unfortunately, the legislature’s Finance Revenue and Bonding Committee allowed the bill to die due to inaction.
This bill would have been a positive step for our business community as opposed to the 6 percent delivery tax this same committee recently passed.
Currently, the Job Creation Tax Credit program allows C-Corporations that produce 10 or more new jobs to claim a tax credit equal to 60 percent of each new employee’s state withholding tax.
The new program would lower the job creation requirement from 10 new jobs to five, as well as allow the credit to be applied to personal income taxes.
I whole heartedly support this new effort sponsored by the Commerce Committee.
In testimony supporting the bill, Gov. Rell stated that the implementation of this new program should also expand the Job Creation Tax Credit to include businesses of any size such as S-Corps, LLCs, LLPs and LPs.
It should also eliminate the need for Department of Economic and Community Development approval and apply the credit annually to every net new job created.
State Sen. Dan Debicella (R)-Shelton, one of the original proponents of the bill, believes that “small business is the engine that drives job creation.
Expand To Small Biz
We should extend our jobs creation tax credit to all businesses, make the credit for any job created and make it automatically deductible from a business’ tax return.”
I commend the Commerce Committee for this positive step toward promoting Connecticut’s business growth and securing long term job employment for current and future employees.
However, I must express my disappointment that Finance, Revenue and Bonding did not find it important to share in the positive vision of passing a bill that would have benefited Connecticut’s business community.
We must continue to encourage businesses growth and development and we could have done this by passing HB 5780.
By building on the Job Creation Tax Credit program that currently exists, we are making excellent progress.
So, let’s help keep the entrepreneurial spirit alive and well in Connecticut.
If it’s good for business and creates jobs, it’s good for Connecticut.
I encourage my legislative colleagues to support more business-friendly legislation and help them avoid the fate that has befallen what could have been a very supportive bill with a positive message.
