House Democratic leaders hailed passage of a comprehensive jobs bill (HB 6801) today that will boost Connecticut’s ability to grow and retain jobs. In addition, the legislature approved the state’s commitment to Jackson Laboratory - an investment that unlocks the potential of thousands of jobs in the field of genomic medicine and the biosciences. Both measures were approved during the October 26th special session of the General Assembly.
“Connecticut families want jobs and a strong economy,” said House Speaker Christopher G. Donovan (D-Meriden). “We targeted small businesses and the unemployed. Because we worked together, people can go back to work. This bill gives them more than hope. It gives them a program that invests in their future. It fosters an environment that will create jobs, help small businesses grow, spur innovation, educate and train our workforce, and make Connecticut competitive again.”
“Creating a 'culture of innovation' can be a magnet for further job growth -- from bioscience leaders to small businesses," said House Majority Leader Brendan Sharkey (D-Hamden). "Today, we are building on the foundation for long-term economic growth we began last session.
We continue working to cultivate technology-based and small business growth where entrepreneurs, talented people and great ideas can take root. As we turn the corner to recovery, we will continue to explore other initiatives in the 2012 legislative session."
The goal of the legislation is to jump-start job creation and foster long-term economic growth. Incentives for small business, cutting red tap, incentives for innovation, economic development tools and workforce development and training are all addressed in the bill.
One of the key components of the legislation is the Small Business Express Package which will make $50 million/year available to small businesses through incentives, grants and loans.
Another vital component is aligning programs at vo-tech schools, community colleges and universities with high demand job needs of employers, including the state’s manufacturing technology companies.
Other components of the jobs bill include:
- Consolidating and increasing the tax credit for new hires
- Incentivizing investments in emerging technology (Angel Investors)
- Building innovation centers in key cities and investing in innovative ventures
- A second “First Five” program
- Cutting the business entity tax
- Streamlining the business permitting process
- Remediating old industrial sites/brownfields
- Computer upgrades to make communication between business and the state more seamless
- Workforce development, education and training
- Allowing the Airport Authority to designate new Development Zones
- Investments in roads and bridges
- Replenishing the Manufacturing Assistance Act (MAA)
In addition, the legislature signed off on Jackson Laboratory’s plan to build a $1.1 billion research facility at the UConn Health Center campus in Farmington. The State of Connecticut will invest $291 million and Jackson Laboratory will raise the balance of $860 million for the project.
“Connecticut’s investment in bioscience today will pay dividends for generations,” Speaker Donovan said.
According to the state Department of Economic and Community Development (DECD), the project is expected to create over 660 positions at Jackson Laboratory in Farmington within 20 years. DECD estimates more than 4,600 bioscience jobs would be generated through spin-off companies, and another 2,000 would be added to local service and area retail stores. The project would yield more than 840 construction jobs as well.
October 26, 2011
GOV. MALLOY, LEGISLATIVE LEADERS LAUD BIPARTISAN JOBS PACKAGE
Governor Dannel P. Malloy hailed the passage of bipartisan legislation aimed at reinventing Connecticut by creating new jobs, spurring innovation and strengthening the state’s overall competitiveness. READ MORE