Gov. M. Jodi Rell today [May 12] announced passage of sweeping, bipartisan jobs legislation that offers incentives for employers, supports small business and emerging industries, provides resources for tuition and training, helps manufacturers find efficiencies and includes accountability measures to safeguard state taxpayer dollars.
House Bill 5435, An Act Concerning the Recommendations of the Majority Leaders Job Growth Roundtable, passed 140-4 in the House and unanimously in the Senate.
“This may very well be the most important bill – other than the budget – we passed all year,” Gov. Rell said.
“All of us agreed there were really only two priorities this year – the budget and jobs. We passed a budget, on time, for the first time in four years. And today we celebrate the centerpiece of a number of jobs bills that address Issue No. 1 for the people of our state: keeping and growing jobs.
“The less we worried about who got the credit – and the more we focused on what made it into the bill – the more we were likely to accomplish. This legislation has elements I offered in my budget speech, elements from the Majority Leaders’ Roundtable and elements proposed by legislative Republicans. More importantly, the people of our state will benefit in ways large and small – which is exactly how it should be.”
Highlights of the bill:
- Provides up to $500,000 in loans and lines of credit for small businesses and nonprofits
- Sales tax exemption for machinery, supplies and fuel used in renewable energy industries
- Tax credits and a cap of $200 on insurance premiums for small businesses that create new jobs and/or hire workers with disabilities
- Loan reimbursement and training grants for education and careers in green technology, life sciences and health information technology
- Establishes a Community-Technical College advisory board to assess training needs of unemployed residents
- Authorizes up to $150,000 in pre-seed financing and technical services to businesses developing innovative concepts
- Provides 25 percent personal income tax credits for up to $100,000 in “angel investments“ in bioscience, photonics, information technology and green technology businesses
- Authorizes $1.3 million in bonds for mortgage-crisis job training
- Establishes waste-reduction task force to study reducing or eliminating duplicative procedures
- Expands Dept. of Economic and Community Development (DECD) Commissioner’s duties in technical assistance for exporting, manufacturing and cluster-based initiatives
- Establishes DECD pilot program helping Connecticut-based small manufacturers implement green technologies and become more efficient
- Evaluates resources needed to include job-impact analyses in fiscal notes and report those findings to the Office of Legislative Management by Dec. 1, 2010
Posted May 12, 2010
Definition of “angel investor” from Wikipedia, http://en.wikipedia.org/wiki/Angel_investor
Definition of “cluster-based initiatives,” http://www.isc.hbs.edu/econ-clusters.htm
Green Options Web site, http://www.greenoptions.com