Jim Flood says he's just about had it. And if a budget is passed that removes the tax exemptions on raw materials, he says, he's moving his family out of state.
Flood owns Bovano Industries in Cheshire, a sculpture manufacturing company. It's been a family business for more than 55 years.
On Tuesday, Flood fired off a letter to Republican-American newspaper. In it, he says that if the state legislature approves a plant to eliminate the tax exemption on raw materials, he will move out of state as quickly as it's feasible, and he won't look back. Removing that exemption, says Flood, will be the straw that broke the camels back.
The budget proposal put forth by Democrats includes a number of provisions affecting businesses. It includes a 30 percent surcharge on the corporate tax, sunsetting after three years, and it eliminates a total of 50 sales tax exemptions.
Flood says he was contacted three years ago by Economic Development officials in Virginia. And he says that while Virginia has made an enticing offer, he hopes he'll be able to stay in Connecticut. But he adds it all depends on the Connecticut's budget for the next two years.
Democratic legislative leaders and Governor Rell's office say they hope to begin meetings soon to craft a budget that will address a $6 to $8 billion deficit over the next two fiscal years.
