Gov. Ned Lamont laid out his first proposals for the upcoming legislative session and they include initiatives to create jobs.
His office said the proposals include a package of reforms aimed at “retooling the Department of Economic and Community Development’s business assistance programs.”
The governor is proposing Jobs CT, which his office said is a performance-based incentive program for businesses to expand or relocate jobs to the state, and Small Business Express 2.0, a new phase of a state program to help small businesses.
“Some of the best investments we can make as a state are in companies that are already here and that want to be here,” Lamont said in a statement. “This sends a message to the region and the world that Connecticut supports its corporate partners.”
Jobs CT uses what the governor’s office calls an “earn-as-you-grow” approach in which businesses that create 25 or more full-time jobs can retain or be rebated 25 percent of the withholding taxes from the new employment for up to seven years.
Employers located in one of Connecticut’s “opportunity zones or distressed municipalities” would be eligible to retain 50 percent of the withholding taxes over the same time-period.
Lamont is also proposing that the state revamp Connecticut’s Small Business Express Program and launch Small Business Express 2.0.