Connecticut Spends $860 Million on Businesses

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.

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Robert Chambers December 03, 2012 at 02:59 PM
It's a waste of money without addressing the problem that CT is a very business unfriendly state. The governor of Florida realized this and actively solicits firms in CT to move to Florida where there's a lot less red tape and taxes. If I owned a business, regardless of incentives from CT, I wouldn't operate it in this state when I could go further South and increase my bottom line. Besides that, any state that is so fiscally irresponsible as CT is really ought to be avoided by businesses because when the bottom falls out, and it will, the state will increase taxes anywhere it can and the businesses won't be excluded.
fairfield newcomer December 03, 2012 at 03:23 PM
With such a bad opinion of CT I have to wonder why you live here?


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