New legislation's programs aim to spur local economies
By Lauri Voter - Staff Writer
Stafford - posted Fri., Nov. 18, 2011
Subsequent to the Connecticut Legislature's Oct. 26 passing of Bill No. 6801, “An Act Promoting Economic Growth and Job Creation in the State,” state Sen. Tony Guglielmo (R-35) and state Rep. Penny Bacchiochi (R-52) conducted a Jobs and Economy Forum at Stafford Town Hall on Nov. 14. Stafford's legislators said they are still working through the details in the package, but wanted to hold the forum right away in order to make local entities aware of the bill, which is designed to support and encourage business expansion and job creation among existing businesses.
Guglielmo and Bacchiochi conveyed that the grants and tax credits provided by the bill are available on a first-come, first-served basis. They encourage interested constituents to educate themselves about the bill's programs and submit their applications to those programs earlier, rather than later.
Some examples of provisions in the bill include the “Small Business Express Package,” which consists of programs such as the “Revolving Loan Fund” to help small businesses on the brink of closure, and the “Job Creation Incentive Program,” which provides potentially-forgivable loans to stable small businesses for creating jobs.
The “STEP” package consists of grant programs that assist small businesses and small manufacturers to subsidize certain wages and offset some job-training costs.
The “Job Creation Tax Credits” package could allow tax credits per job created depending on a company's categorized size: 1 to 49 employees, 50 to 99 employees or 100 or more employees.
The Business Entity Tax will, in essence, cut the entity tax in half by extending the current annual $250 fee to two years, effective January 2013.
Other various provisions in the bill are expected to improve the regulatory environment by streamlining and expediting the permitting processes, and by providing incentives to remediate and develop Connecticut's brownfields. The bill also addresses an innovation support initiative by which non-profit entities can obtain assistance updating boilers or furnaces.
A workforce development initiative includes a provision that requires boards of education to inform middle school and high school students about vo-tech and agricultural science education centers, while a business enhancement program supports business facade improvements. The Main Street Investment Fund (contact municipal officials) assists businesses' improvements and renovations as they pertain to community development.
During the forum, Guglielmo and Bacchiochi distributed handouts that outline the varied programs and provide respective contact information. For more information about the forum or Bill No. 6801, contact state Sen. Tony Guglielmo at 800-842-1421 or state Rep. Penny Bacchiochi at 800-842-1423. Copies of the handouts are available to download at www.reppenny.com.
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