Connecticut Governor Dannel Malloy is not waiting for the U.S. Congress to pass jobs legislation. Rather, he is moving on his own to get growth happening in his state. Although Connecticut’s output is running on par with national trends he has sent a package of growth proposals to the legislature. It’s an interesting blend of tax cuts, targeted programs for small business and skill upgrades for employees in the manufacturing sector. The Connecticut Mirror recently described the highlights:
$516 million in bonding for business and infrastructure investments, a new tax break aimed at small businesses, and a plan to streamline state regulations.
The single-largest investment in the plan involves adding $340 million to the Manufacturers’ Assistance Account, which provides various low-interest loans and grants to businesses.
The administration also is seeking to double enrollment in the Manufacturing Reinvestment Account, a program that allows manufacturers to invest pre-tax profits for a number of years — after which they must be reinvested into the company. The program currently accepts up to 50 businesses, and that would climb to 100.
Another key component of the plan has been dubbed the “Small Business Express Package,” and involves up to $50 million for loans and matching grants to help small companies create jobs.