February 21, 2013

Rep.Piscopo/Sen.Welch Joint Op-Ed: Include Thomaston in Waterbury Enterprise Zone

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Small businesses are the backbone of our nation’s economy. They account for almost 80% of our jobs. Yet with our economy stuck in neutral and our state’s unemployment rate nearing 9%, small businesses are increasingly shouldering the burden of an economy that is moving in the wrong direction. With the continued increase of taxes, Connecticut continues to remain an antagonistic environment for the growth of small business.

We need relief.

One of the concepts we are strongly supporting this legislative session is to expand the Waterbury enterprise zone to include the town of Thomaston. This inclusion would help our district by attracting new business to our area and growing our local economy.

Businesses currently located in, or relocating to an enterprise zone qualify for a series of tax breaks. These tax breaks allow businesses to maintain their capital, and to reinvest the money back into the business, leading to further growth, more jobs, and an expanding economy. This is a simple formula for business development and growth.

Currently, Thomaston does not belong to an enterprise zone. However, other surrounding towns belong to enterprise zones and are business friendly. The Naugatuck Valley is an enterprise zone, as is Waterbury and Bristol. Thomaston is located right in the midst of these other towns that have incentives for business. We have the space to accommodate new and expanding businesses, and want to be seen as an attractive location on an equal playing field with our neighbors.

One of the first considerations for businesses looking to move into a new area, or to possibly leave the area, is whether or not that location is in an enterprise zone. 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 is not able to offer this incentive.

We believe that Thomaston is a great place for business, and that is why we are supporting proposed bill SB173, An act including the town of Thomaston in the Waterbury enterprise zone.

This move would bolster our local economy and increase economic growth, increase the tax base, and create jobs. In this stagnant economy and climate, it would be beneficial to lower tax rates for all Connecticut businesses. This proposal to add Thomaston to the Waterbury enterprise zone is the sensible solution.

Now is the time to voice your support! If your priority is to see Thomaston’s economy grow and bring new jobs to the area, we need to extend the Waterbury enterprise zone to include Thomaston.

Please contact the Committee on Commerce at 860-240-0380. Encourage them to raise this proposed bill, SB173, for a public hearing!

If you have any comments, questions, or concerns on this or any issue, we would like to hear from you.

Our contact information is as follows:

State Representative John Piscopo

Office: 800-842-1423

Email: john.piscopo@housegop.ct.gov

Website: www.cthousegop.com

State Senator Jason Welch

Office: 800-842-1421

Email: jason.welch@cga.ct.gov

Website: www.senatorwelch.com