From the desk of Rep. Vincent Candelora: Buying Business - Connecticut has Lost its Way

On Wednesday, September 28, the legislature convened for a special session to debate the $220 million corporate aid package negotiated by the Malloy Administration to Lockheed Martin, which owns Sikorsky Aircraft. I have never felt that I had no choice but to support legislation until now. Connecticut has reached a point where our economic policy is driven by crisis to keep our businesses from fleeing the state through financial incentives. How did we get to this point? A Democrat controlled legislature and years of the legislature passing anti-business policies. The Democratic majority imposed not one, but two of the largest tax increases in our state’s history, which as a result crippled taxpayers, families and businesses. It is nearly impossible for businesses to survive, never mind thrive, in Connecticut. I can attest to this reality because I am one of those small business owners. During a briefing with Lockheed Martin officials, the helicopter giant indicated that it would cost them $400 million more to build the next generation of aircraft in Connecticut compared to any other state they considered for production. Namely, Sikorsky’s president said, “Connecticut was not the cheapest state.” When discussing production costs in Connecticut, the vice president added, “It’s a $400 million hole we’re trying to fill. Everybody’s got to pitch in.” To put it simply, it is more costly to run a business in Connecticut compared to nearly any other state. With that being said, a $220 million dollar deal is what it took to keep Sikorsky’s business in Connecticut, cover their remaining costs and protect nearly 8,000 jobs. Although I always advocate for growing jobs and building our economy, we are at a point where we can no longer keep up with this façade – creating the appearance that our state’s problems just don’t exist. Connecticut is in deficit, we cannot afford such a deal, but yet we have no choice. The legislature’s non-partisan Office of Fiscal Analysis has recently predicted that the state will face a $2.7 billion budget deficit in Fiscal Year 17 and 18. We need to get back to the basics and focus our efforts on cutting taxes and creating a healthy business climate so that we don’t have to buy our businesses to stay. When the next legislative session convenes again in January, I hope that we can focus on developing common sense proposals to rebuild Connecticut and regain the economic edge and fiscal health we once had.