POPULATION: 3,504,809 (2006)
LABOR FORCE: 1,844,235 (2006)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Manufacturing, insurance, shipbuilding, transportation, machine tools, jet engines, submarines, helicopters, financial services, health services, biotechnology, pharmaceuticals, telecommunications, software, tourism, precision manufacturing
EXPANDING INDUSTRIES: Bioscience, aerospace, software/IT, metal manufacturing, maritime, plastics, tourism, agriculture, insurance and financial services, fuel cells
COLLEGE GRADUATES: (Age 25 and over) 36% (2006)
BASIC BUSINESS TAXES:
Corporation Business Tax: 7.5 percent of net income of corporations; 100 percent exemption on data-processing equipment; R&D carryforward tax credit; R&D tax credit exchange for cash
Corporate Organization and Qualification Fees: Domestic and foreign rate, $275
Sales and Use Tax: 6 percent on sale and rental of most goods and certain services; exemptions are provided for sales of certain goods and services, i.e., under-$50 clothing exemption and manufacturer’s exemptions
Property Tax: Rates vary among local jurisdictions and are based on actual value of real and personal property; in practice, however, property is assessed at 70 percent of value.
BUSINESS INCENTIVES:
Connecticut Department of Economic and Community Development:
- • Manufacturing Assistance Fund (loans, guarantees)
- • Urban and Industrial Site Investment Tax Credit Program
- • State Enterprise Zone Program
- • Job Creation Tax Credit
- • Industrial Parks Program
- • Turnaround Assistance Program
- • Insurance Reinvestment Tax Credit Program
- • Industry Cluster Initiative
- • Brownfield liability limits
Connecticut Development Authority:
- • Direct loans
- • Loan guarantees (especially in urban areas)
- • Low-cost SBA 504 loans
- • Tax-exempt industrial revenue bonds
Connecticut Innovations, Inc.:
- • Pre-Seed Support Program
- • Seed Investment Fund
- • Eli Whitney Fund
- • Connecticut BioSeed Fund
- • BioScience Facilities Fund
- • Connecticut Clean Energy Fund