POPULATION: 3,501,252 (2008)
LABOR FORCE: 1,876,100 (2008)
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) 34.7% (2007)
BASIC BUSINESS TAXES:
Corporation Business 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: 5.5 percent beginning 1/1/2010 on sale and rental of most goods and certain services; exemptions are provided for sales of certain goods and services
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
- • Turnaround Assistance 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
