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CT Jobs Bill Passed!

7/1/10

The new CT “Jobs Bill” (Public Act 10-75) approved by the state legislature on May 1st, went into effect on July 1st.  It will benefit New Haven businesses and attract those looking to relocate in the city.

Some of the notable provisions include Pre-Seed funding up to $150,000 from Connecticut Innovations.  This is meant to provide capital and support for companies developing new concepts, products or business models.  Tax credits made available for “angel investors,” who support private business ventures both financially and through consulting advice are also being made available.  Another component of the bill creates small business loans which tap up to $15 million in previously authorized bonds for the Manufacturing Assistance Act (MAA) Program as well as an expansion of the MAA program that supports exporting services.

A Green Manufacturing Pilot Program is also generating excitement as the act authorizes $500,000 in bonds with up to 20-year terms for a pilot program to help manufacturers move into green operations or implement energy efficiency measures via lean manufacturing strategies.  A renewable energy sales and tax use exemption has also been created for the renewable and clean energy technology industries.  The exemption would apply to things like machinery, equipment, materials as well as fuel sold, stored, used or consumed. A loan forgiveness program for state residents graduating from state schools with a bachelor's degree, associate's degree or certification in green technology, life science or health information and technology has also been created to be administered by the Department of Higher Education.

A Small Business Job Creation Tax Credit was also implemented with provisions for small businesses creating full time jobs along with a Vocational Rehabilitation Job Creation Tax Credit geared toward businesses hiring new employees with physical and mental disabilities

This bill’s support for green, information and health technologies should be particularly valuable to the city of New Haven as we are a growing hotbed for many of these industries. It should also help New Haven remain competitive in the global market as we continue to attract new businesses and retain those that are existing.

For further information please contact the EDC and we will look forward to addressing any questions or concerns you may have as the bill’s impact becomes clearer.