New tax credit ‘Earn As You Grow’ aims to encourage local businesses to create jobs in CT

Connecticut

(WTNH) — A proposed tax credit for local businesses aims to incentivize them to create more jobs in our state.

The proposed tax is called the Earn As You Grow Tax Credit. Businesses say the credit will be given to businesses only after they create and maintain jobs in our state. They say it won’t just be good for local business, but it will benefit the taxpayer too.

“It takes the business risk away from CT taxpayers that are providing these incentives in the subsidy and this puts the burden on the business,” Department of Economic and Community Development Commissioner David Lehman. “They need to demonstrate that job growth and job stability and then they will benefit.”

They say the targeted effort will focus on bringing jobs to towns and cities that need a boost as well as large industries like manufacturing, aerospace and financial services.

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