State Representative Chris Perone (D-Norwalk) announced legislation he co-authored to make it easier to start new businesses in the state and put people to work in green jobs was approved in the final hours of the legislative session this week.
“This bill sends a strong message to businesses that Connecticut is open for business,” said Perone. “We have spent the past year listening to business leaders, economists and many others who told us how we could improve what we started last year with the roundtable. This is about long-term economic growth—by making Connecticut a leader in emerging growth industries that offer good jobs.”
The legislation (HB 6525) is a product of the Majority Leaders’ Job Growth Roundtable of which Perone is a member. Incentives for entrepreneurship and innovation, infrastructure, and education are all contained in the bill.
Specifically, the Job Growth Roundtable’s recommendations reflected in the bill include:
* Investing in business growth - Positions Connecticut to be an innovation leader by driving technology-based economic development and manufacturing reinvestment
* Student loan reimbursement for green tech degrees - Students can qualify for up to $2,500 or 5 percent of annual tuition for 4 years.
* A manufacturing reinvestment fund - Expands and protects manufacturing base through new tax-preferred account where machinery, equipment or facilities can be purchased. Up to $50,000 can be used by 50 manufacturers with 50 or less employees for up to 5 years to reinvest and grow their businesses. Account disbursements are taxed at only 3.5 percent.
* An innovation network created in government – DECD will organize technology leaders and entrepreneurs, to increase the state’s innovation competitiveness using incentives and financial support to strengthen the bond between universities and industry. In partnership with federal research funds, increases corporate-sponsored research and establishes an innovation accelerator linking universities, corporations to start-up technology companies. Strengthens technology transfers and entrepreneurship activities at UConn and links angel networks and incubators.
Perone, who serves as Vice Chairman of the Communications, Financial Services and Interstate Commerce Committee of the National Conference of State Legislatures (NCSL), has long been a champion at the statehouse for making it easier for businesses to invest and create jobs in the state. Last year, Perone sponsored sweeping economic development legislation to jump-start job creation, while laying a foundation for long-term economic growth.