Senate Republican Jobs Proposal

As part of our long term plan to grow the state’s economy and improve our business climate, the Senate Republican Caucus is introducing a series of legislative proposals this year.

Our pro-jobs legislative package calls for expanding the 2007 Jobs Creation Tax Credit to benefit all businesses, and eliminate the need for businesses to first secure approval from the state Department of Community and Economic Development (DECD). Under our proposal, the credit would be applied annually to every net new job created. This new law would take effect on July 1st and make the credit applicable to income years beginning on or after January 1, 2008.

Also, Senate Republicans are calling for the legislature to repeal the annual $250 business entity tax, and to require DECD to conduct a cost/benefit analysis of all new and existing regulations every five years. And, finally, Senate Republicans are introducing legislation to promote “next generation” industries by extending the movie industry tax credit to industries that are likely to provide jobs for Connecticut’s middle-class working families. Targeted industries could include alternative energy, environmental remediation, optics and photonics, life sciences devices and nanotechnology. Companies that have not yet made a profit would be able to trade their tax credits to profitable Connecticut companies.