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Connecticut
Resources Page
Connecticut: Incentives and Partnerships Attract Multiple Industry SectorsThe Nutmeg State is offering innovative incentives to position itself as a location that can work for nearly any industry. More |
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OEMs Supplying the Alternative Energy IndustriesA Google Maps mash-up charting alternative energy OEM cluster growth throughout the United States More |
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States Fund Renewable Energy ProjectsSixteen states have taken the lead in funding for renewable energy projects through tax and production incentives, rebates, grants, and loans. More |
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Financial Services, Biotech Lead Connecticut’s Growth“Connecticut is a small, but a great state; we take pride in all that we have to offer,” says Joan McDonald, commissioner of the Department of Economic and Community Development, touting the state’s location between New York and Boston, proximity to Eastern Canada, its shovel-ready sites, and its educational institutions. “We are one of the Northeast states without a budget deficit.” More |
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State Contacts
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Connecticut
At A Glance
POPULATION:
3,502,309 (2007)
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
LABOR FORCE: 1,865,500 (2007)
RIGHT TO WORK: NoTRADITIONAL 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 cellsCOLLEGE 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
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
- Brownfield liability limits
- Connecticut Development Authority:
- Direct loans
- Loan guarantees
- (especially in urban areas)
- Low-cost SBA 504 loans
- Tax-incremental financing
- Connecticut Innovations, Inc.:
- Pre-Seed Support Program
- Seed Investment Fund
- Eli Whitney Fund
- Connecticut BioSeed Fund
- BioScience Facilities Fund
- Connecticut Clean Energy Fund?
SPONSOR PROFILES:
