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State Reps. Dan Carter (R-Danbury, Bethel, Newtown, Redding) and Stephen Harding (R-Brookfield, Danbury, Bethel), both members of the committee, agreed the bill will highly benefit their districts, as well as Connecticut, and offered their support.
The bill allows recipients of research and development tax credits to claim up to 70 percent back from their total tax due. It is set to take effect July 1 and will be applicable to income years commencing on or after Jan. 1.
It awaits a decision of whether or not to raise it to the House and Senate for consideration.
“At a time when so many companies across the state are restructuring their businesses or considering relocating in light of Connecticut’s budget epidemic, this bill could be the small – yet deciding – factor that keeps our economic leaders open, established and expanding in our state,” Carter said. “I don’t want to see B.I., a Connecticut leader in bioscience, hurrying on the heels of GE.”
“Job growth in Connecticut plummeted in 2015,” Harding said. “The state didn’t even add half the amount of jobs that the Department of Labor predicted would be created last year. Where else do we have to look for proof that our economy is suffering? I will not sit by and watch my constituents slowly lose their jobs. B.I. is a strong employer in our district, and I support this initiative to credit them for their continued efforts and milestones in research and development.”
Company officials have said they are looking at Virginia as a potentially desired relocation site.
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