POPULATION: 3,518,288 (2009)
LABOR FORCE: 1,890,106 (2009)
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: Aerospace and defense, insurance and financial
services, instrumentation and medical devices, bioscience
and pharmaceuticals, alternative energy
(including fuel cells), film and digital media
COLLEGE GRADUATES: (Age 25 and over) 34.8% (2008)
BASIC BUSINESS TAXES:
Corporate Income Tax: 7.5 percent of net
income of corporations; a 10 percent corporation
tax surcharge for income years 2009, 2010,
2011, which does not apply to companies with
less than $100 million in annual gross revenues
for any of these years, or whose tax liability
does not exceed the $250 minimum tax; 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: Retail sales or leases of tangible
personal property and certain services are
subject to sales and use taxes at a 6% rate with
some exceptions.
Property Tax: Rates vary among
local jurisdictions and are based
on actual value of real and personal
property; in practice, property
is assessed at 70 percent of
value.
BUSINESS INCENTIVES
Connecticut Department
of Economic and Community
Development:
• Incentive-driven loans
• Urban and Industrial Site
Investment Tax Credit Program
• Enterprise Zone Program
• Job Creation Tax Credit
• Industrial Parks Program
• Insurance Reinvestment
Tax Credit Program
• Corporate tax credits
• Brownfield liability limits
• Work force development and
job training assistance
Connecticut Development
Authority:
• Direct loans
• Loan guarantees
• Low-cost SBA 504 loans
• Tax-incremental financing
Connecticut Innovations, Inc.:
• CT SBIR Office
• Pre-seed support services
• Seed Investment Fund
• Connecticut BioSeed Fund
• Eli Whitney Fund
• Connecticut Clean Tech Fund
• BioScience Facilities Fund
• Connecticut Clean Energy Fund
