Incentives for CT Businesses

June 13, 2020

Connecticut has long been at the forefront of offering meaningful incentives to help business owners establish and grow their businesses. The state is now being recognized for its efforts.

According to a Pew Charitable Trusts study, Connecticut ranks as one of the top states at evaluating and receiving returns on the investments made in businesses via the use of grants, tax breaks, and low-interest loans. 

Pew offers several reasons as to why Connecticut is considered a "leading" state in its rankings:

  • Connecticut is leading other states because it has a well-designed plan to regularly evaluate tax incentives, experience producing quality evaluations that rigorously measure economic impact, and a process for informing policy choices.
  • Connecticut’s evaluations take into account key considerations for measuring the economic results of incentives such as the extent to which the programs successfully influence business decisions.

As a result of 2017 legislation, lawmakers are required to hold hearings to consider the findings of the evaluations.

As the state begins to reopen and the economy begins to recover from the damage caused by COVID-19, we will continue to ensure businesses get the support they need to get back on their feet and to create the climate for businesses to grow and thrive.