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Bill Boosts Jobs, Jobs and More Jobs

by Cornelia Fortier

Connecticut's General Assembly passed a bipartisan jobs bill on May 1, to kickstart Connecticut's economy. Signed into law by Gov. M. Jodi Rell last week, legislators believe it will translate into new jobs and bring the state new business.

State Rep. Kim Fawcett described how the bill will support local businesses. "Legislators heard from small businesses from all over the state, struggling to access cash to support or grow their business. There are 2,200 small businesses in Fairfield and Westport, alone, who will now have access to a revolving loan fund put in place (by this bill) to assure they will not have to struggle to access capital."

For individuals as well, the bill is designed to offset widespread job loss. Since 2008, Connecticut has lost over 100,000 jobs, a six percent decline in its work force. Legislators believe the bill's incentives for innovation, infrastructure, and education will reverse this trend and pump much needed resources into the business sector. Some of the bill's provisions include:

  • -- Up to $500,000 in loans and lines of credit for small businesses and nonprofits;

  • -- Sales tax exemption for machinery, supplies and fuel used in renewable energy industries;

  • -- Tax credits and a cap of $200 on insurance premiums for small businesses creating new jobs and/or hire workers with disabilities;

  • -- A Community-Technical College advisory board to assess training needs of unemployed residents;

  • -- Up to $150,000 in pre-seed financing and technical services to businesses developing innovative concepts;

  • -- About $1.3 million in bonds for mortgage crisis job training.

Most of the bill's provisions go into effect on July 1. The bill is also intended to create a favorable climate for attracting out-of-state businesses to Connecticut. House Majority Leader Denise Mansfield, Democrat of Chaplin, an important shepherd of the bill, believes it sends a message to investors and entrepreneurs country-wide that “Connecticut is the state where they should invest.”

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