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Connecticut Spends $860 Million on Businesses Incentive Programs

It's one of dozens of states across the country that collectively spends $80.4 billion annually to lure business growth, the New York Times reports.

Connecticut spends about $241 per capita each year developing business growth, or $860 million annually, according to a report in the New York Times.

Connecticut is one of 45 states in the country that invests heavily in business development. Nationally, the country spends $80.4 billion on business incentive programs, the newspaper learned following a 10-month investigation.

Of the $860 million Connecticut spends annually on business tax incentive programs, $392 million represents some type of tax discounts, including sales tax and other tax exemptions. Another $377 million represents corporate income tax credits or reductions, while some $90 million of the annual total represents cash grants, loans or loan guarantees to businesses.

The top incentives by industry in Connecticut, the newspaper found were:

  • $218 million in Agriculture
  • $152 million in Manufacturing
  • $135 million in Technology

One of the top beneficiaries of the state's largesse is the Royal Bank of Scotland in Greenwich, which has gotten some $100 million in corporate income tax credits, rebates or reductions from Connecticut, the Times' data shows.

Richard Poulton December 03, 2012 at 06:32 PM
Here is a question hopefully someone can answer. Why in Gods name does one of the biggest international banking & financial companies in the world, headquartered in Scotland, with offices in the UK, most of Europe, the middle east and yes the good ole US of A, with 30 million customers, need help from CT. By the way, the bank in the US under the name Cirizens. Can someone explain why? 100 million of CT taxes given to a world banking leader. Makes me sick.

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