Connecticut Senate Bill SB00078

Connecticut 2014 Regular Session

• Introduced: 2/11/14
• Refer: 2/11/14
• Refer: 3/19/14
• Report Pass: 3/25/14
• Refer: 3/31/14
• Report Pass: 4/7/14
• Refer: 4/17/14

Caption

An Act Extending The Job Expansion Tax Credit Program.

Impact

The proposed extension of the tax credit could have significant implications on state laws regarding employment and taxation. By extending these credits, the state is prioritizing job creation as part of its economic recovery strategy. This action may lead to an increase in investments from both local and out-of-state businesses, encouraging them to hire more workers. However, critics may raise concerns about the long-term sustainability of such tax credits and their effectiveness, questioning whether these incentives lead to genuine job growth or simply benefit businesses at the expense of state revenues.

Summary

SB00078, titled 'An Act Extending The Job Expansion Tax Credit Program', aims to continue providing tax credits for businesses that create new jobs in Connecticut. Initially established to incentivize job creation, the bill intends to extend the existing program beyond its previously set expiration. Supporters argue that this extension is essential for fostering economic development and attracting more businesses to the state, which in turn could lead to job growth and stability in the labor market.

Sentiment

The sentiment surrounding SB00078 appears to be largely positive among proponents who view it as a necessary measure to stimulate the state's economy. Business groups and advocates for economic development are likely to support the bill, seeing it as a means to enhance competitiveness. Conversely, some legislators and taxpayers might express skepticism, arguing that tax credits do not always translate into substantial job creation, thus complicating the public's perception of fiscal responsibility.

Contention

There may be notable concerns regarding the effectiveness of the tax credit, particularly in evaluating whether the benefits to businesses outweigh the possible losses in state tax revenue. Opponents of the bill could challenge its potential to create temporary jobs rather than long-term employment stability, as well as emphasizing the need for a balanced approach that addresses not only job creation but also quality of employment and worker rights.