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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 annually developing business growth, or $860 million annually, according to a new 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.

Robin Hood December 04, 2012 at 11:25 PM
and bring your friend Obscewer, perhaps between the 2 of you their might be 1/3 a brain? how do you both function? is most of your brain used for organ functions? I mean it's apparent you don't think so therefore one must conclude that your brains are over tasked with maintaining body functions...oh that's why you mostly post sheet, well you are entertaining and like I said I really don't care, have the guts to post your name next to your childish rants and please if you see me on the street introduce yourself so that I can put a face to the child and get a good chuckle
Robin Hood December 04, 2012 at 11:30 PM
I figured it out Jay Heavens is Louis R. Chênevert the head of UTC and Observor is Greg Jenson one of the CEO's of Bridgewater, it all makes sense now, perhaps I have them backward? oh well no matter it all makes now, please continue raping the people of CT.
Observor December 05, 2012 at 02:54 PM
If you can get Greg Jenson's salary wired to my account I will agree to be him.
Ex-Democrat December 05, 2012 at 04:29 PM
I agree but there is an additional problem with there being a blatant distinction on what is a stimulus package and what is corporate welfare in the eyes of the state. I wish there could be some way to find out exactly what the criteria is that decides how certain businesses finds themsleves showered with money and tax breaks while other businesses gets ignored. For one thing it would be very very interesting to discover whether companys owned by democrats gets such wonderful gifts while companies owned by independents and unaffiliated voters don't even get so much as a christmas card. This doesnt prove malloy is spending public money to buy political patronage but it does show that third party voters have poor representation in connecticut. Legislators holding office on third party tickets are as rare as mtv reality shows that are actually real and the rest of us simply dont have anyone speaking for us to even ask for any of the free money malloy is handing out like the democrats do.
Jay Heavens December 06, 2012 at 07:31 PM
Gene-Robin just can't stop himself. What could easily be said in one pithy post, he drags out ad nauseum, destroying the original post. His only goal is to troll people into arguing with him. Not surprised his original ID (Gene Bartholomew) was banned from here.

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