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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 01:12 PM
Like I have said 1,000 times, this is a Corporate Welfare State and this is the proof. With all that money spent where are the freaking jobs?? Why are we in debt????? DUHHHHHH Without an audit we have no idea where this money really goes, the list is artificial, it does not track the money, just categorizes it. If you cut this utter BS we would not only not be in debt we would and SHOULD have huge TAX CUTS and our quality of life would improve vastly. Of course some of this money should be directed to small businesses and startups where real job creation is, most of this money is leaving the state in armored trucks or electronic transfers to Swiss Bank accounts.
Robin Hood December 04, 2012 at 01:21 PM
I read the list and it does not cover everything, like the 124 million we gave UTC out of our ARRA funds, so bear in mind that this is not all they get, this list may also not cover the gifts they get from UI and NU under the Energy Funds or what they get from Ct Innovations under the Clean Energy scam. I also do not see the 115 million Malloy gave Bridgewater for moving from Westport to Stamford. This puts the tally closer to 2 billion, definately over 1 billion. This is our problem nationally, Corporate Welfare has gotten out of control and because of it we are in debt everywhere and can't afford S/S and Medicare for those in need, not the other way around. Jerks like Boehner, McConnel, and Gramm would have you believe that we need to give more to the rich and cut anything for the people, don't be a sucker. Your future and your descendants futures depends on it.
Robin Hood December 04, 2012 at 04:04 PM
If I owned a small business in this state I'd be really really really really PO'd. This system is so unfair and corrupt. What's needed is some investigations, like who exactly talked to who to get Royal Bank of Scotland or CIGNA, or UBS, or Bridgewater their 'gifts'. What did we really get in return? If these are losing propositions for the tax payers why continue them? Who is tracking this? Why is Malloy so dense, or is it they really own his arse? This makes no sense, think about it, most job losses have been from small businesses, many have closed forever with the families that ran them losing everything, they can't get a dime but a corporation that can afford to pay it's CEO tens of millions a year HAS TO HAVE HELP???? I'm not buying any of this bull.
Robin Hood December 04, 2012 at 05:37 PM
Ct is not alone, this is THE national problem. California is one of a few states that have been cutting back on incentives. But that does not always hold true for its cities. When Twitter threatened to leave San Francisco last year, officials exempted the company from what could total $22 million in payroll taxes. The city estimated that the company’s work force could grow to 2,600 employees, but Twitter said it had made no such promise. At the same time San Francisco has lost public parks and other services because of budget cuts. .
Jay Heavens December 04, 2012 at 09:43 PM
Just so you know, Eileen. That's Gene Bartholomew taking over your post under his un-banned pseudonym, Robin Hood. (Gene's other ID was banned for inappropriateness) He befouls every post he can, burying them in his gibberish. He's one of those self proclaimed Internet know-it-alls - no one takes him seriously. I'm afraid your post will soon suffer his avalanche of drek.
Robin Hood December 04, 2012 at 11:18 PM
Jay anytime you want to meet and discuss I'm in the book, if you have something to counter with intelligence please do so, apparently all you have is ............nothing but insults and if you have the balls please post your real name. Otherwise you really just look stupid and childish, why are so many repubs stuck in 3rd grade? So basically you're saying " I am a scum that stands with the rich that screws you all" ??? cuz that's what I'm getting
Robin Hood December 04, 2012 at 11:19 PM
I really look forward to meeting you.
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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