Connecticut House Bill HB05435

Connecticut 2010 Regular Session

• Introduced: 3/4/10
• Refer: 3/4/10
• Report Pass: 3/23/10
• Refer: 4/1/10
• Report Pass: 4/8/10
• Refer: 4/13/10
• Report Pass: 4/19/10
• Refer: 4/21/10
• Report Pass: 4/23/10
• Engrossed: 5/1/10
• Chaptered: 5/12/10
• Enrolled: 5/17/10

Caption

An Act Concerning The Recommendations Of The Majority Leaders' Job Growth Roundtable.

Impact

The legislation is poised to significantly impact state laws related to corporate tax incentives and economic development. It introduces provisions for a qualified small business assistance program aimed at companies employing fewer than fifty employees. The bill specifies that these businesses can receive direct loans and lines of credit through a Connecticut Credit Consortium, which enhances access to crucial financial resources. This move is intended to bolster local economies by helping small businesses grow and sustain employment levels.

Summary

House Bill 05435, titled 'An Act Concerning The Recommendations Of The Majority Leaders' Job Growth Roundtable', aims to stimulate economic growth in Connecticut through targeted tax credits and funding for small businesses, particularly in the manufacturing sector. The bill establishes a job creation tax credit program for qualified small businesses that hire new employees, providing financial incentives to stimulate job growth in the state. It also allocates funds to support initiatives in manufacturing, which is deemed essential for the state's economic landscape.

Sentiment

The general sentiment surrounding HB 05435 appears to be positive among proponents who are advocates for economic development. They argue that the measures outlined in the bill are necessary for creating job opportunities and fostering a competitive business environment in Connecticut. However, there is some concern about the effectiveness of such tax credits over time and whether they will successfully attract businesses or merely provide temporary relief without long-term benefits.

Contention

Despite general support, the bill does face contention, particularly from those who question the reliance on tax incentives as a primary economic strategy. Critics argue that while the intention to stimulate job growth is commendable, the lack of accountability and oversight in how funds are distributed may lead to inefficiencies. Moreover, there are concerns about whether such tax credits will be effective in addressing broader economic challenges, such as workforce development and attracting diverse businesses to the state.