March 24, 2014

Piscopo: Supporting Legislation to Designate Thomaston an Enterprise Zone

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I applaud the Commerce Committee of the CT General Assembly for approving my proposed bill out of committee, which supports economic growth and development in the town of Thomaston and our district.

The bill, HB 5515- An Act Allowing the Designation of the Town of Thomaston as An Enterprise Zone, will bolster our local economy by attracting new business to the area, stimulating economic growth, and creating jobs.
Businesses currently located in, or relocating to an enterprise zone qualify for a series of tax breaks, which allow businesses to maintain their capital, and reinvest back into the business, leading to further growth, more jobs, and an expanding economy.
We have the space to accommodate new and expanding businesses. Companies will invariably move into or remain in an enterprise zone, as a strategy to benefit from tax abatements, as opposed to an area like Thomaston, which currently is not able to offer this incentive.
Currently, Thomaston does not belong to an enterprise zone but is surrounded by towns that do. The Naugatuck Valley, Waterbury, and Bristol are designated enterprise zones. This legislation would make Thomaston a competitive player in bidding for new and expanding businesses looking to move to the area.
First Selectman Ed Mone and I testified in support of this legislation at the Commerce Committee public hearing earlier this month. To view our testimony, please click here: https://www.youtube.com/watch?v=v3bYpdlrtas

The bill passed unanimously out of the Commerce Committee last week, and will be debated on the floors of the legislature later this session.

If you would like to voice a concern on this or any state legislative issue, please contact me at 800-842-1423 or email john.piscopo@housegop.ct.gov.

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