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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 each year developing business growth, or $860 million annually, according to a 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.

Margaret Sapir December 04, 2012 at 01:53 PM
Money goes to small business too and is used to grow the business and create new jobs which generate taxes .

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