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.

The New York Times reported two Danbury firms made that list, GE, which received $4.29 million in 2001 in cash grants, loans or a loan guarantee, plus Republic Foil, which received $300,000 in loans, or a loan guarantee or cash grants.

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.

bordwithbs December 04, 2012 at 11:27 AM
So what's the difference between GE getting "welfare" from the taxpayers and a family of 4, out of work, getting "welfare"....ohhh...NEED? I'll betcha GE contributes to certain politicians, parties, and pacs, too! With Connecticut over $400 million in the red, perhaps we should stop corporate welfare before we cut back on social services, food programs, health programs and education? Make it fair for all.
Jimmy Pursey December 04, 2012 at 02:33 PM
Let us not forget this also, bored.... "Study estimates that illegal immigrants paid $11.2B in taxes last year, unlike GE, which paid zero" http://articles.nydailynews.com/2011-04-20/local/29470037_1_sales-taxes-tax-revenue-property-taxes
Most Popular Poster December 04, 2012 at 03:23 PM
You spelled "bored" wrong.
JWolf December 04, 2012 at 05:42 PM
Lets see the state gives businesses $392 million in tax discounts plus $377 million in tax credits to big Business in Ct totaling...and maybe my math is off....$769 Million.....today the state comptroler said we are in the Red abour $600 to $800 million.....so if we didnt give out these things to BIG BIUSNESS ....oh wait forgot the $ 90 Million so .....six carry the one....$859 Million......minus the 4...we could be a minimum of $59 Million in the Black.....hmmmmm Democrats and Republicans same rich corporate lackies serving their Big Business Masters.
bordwithbs December 04, 2012 at 09:17 PM
No kidding??? Boy, you're SO smart!!!


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