Business Incentive Tax Credit Bill Moves to Finance Committee

HARTFORD – State Representative Bill Buckbee (R-New Milford) voted in favor of his concept that would establish a tax credit program to incentivize businesses to hire and retain full-time employees. The bill received a unanimous vote from the membership of the Commerce Committee today in order to move it forward for the further consideration of the Finance, Revenue and Bonding Committee.

“This bill is intended to act as a mechanism to rebuild a stronger workforce here in Connecticut by enticing businesses to hire new full time employees. We have an opportunity to create stronger local economies and provide stability to families. It’s not the only solution, but it’s a step in the right direction and we must embrace new ideas.  I am happy to see the concept move forward in the process as it will be considered by a separate committee of cognizance in Finance,” explained Buckbee, who serves on the legislature’s Commerce Committee.

According to the bill language, businesses would earn a tax credit for each new or veteran employee that demonstrates twelve consecutive months of employment. Businesses will need to apply through the state’s Dept. of Economic and Community Development to become eligible for the program.

Rep. Buckbee went on to explain, “When looking at structural budget changes, this is a prime example of an innovative policy to immediately have an impact on mitigating the growing deficit. This type of incentive program is a good way to start reforming the state’s overall economic environment in a positive way. Pro-business concepts will be the base of newly formed infrastructure that will foster growth and prosperity.”

The Finance, Revenue and Bonding Committee will have roughly two weeks to consider the bill. If favorable action is taken on it, the legislation would go before the membership of the House of Representatives.

###