Michael Fedele on The Economy

Last Updated : Aug 17, 2010

Summary

 The highlights of Lt. Governor Fedele's plan are:

  • A four-year hiring and spending freeze
  • Oversight of higher education hiring practices and salaries
  • Two-year moratorium on borrowing
  • Eliminate earmarks (local pork projects) and discretionary spending
  • Restructure state employee salaries, pensions and benefits
  • Consolidate state agencies
  • Require cost sharing for some social services

Highlights of Lt. Governor Fedele’s Jobs Plan:

  • Making Connecticut an attractive place for businesses and workers - Connecticut needs to focus on the factors that determine if a business locates or remains in Connecticut. These include tax policy, the quality of the workforce, state regulation, transportation and the quality life.
  • Making job creation a top priority of state government - the overarching mission of state government must be regaining the 100,000 jobs we have lost in the current recession. In order to assess the job impact of bills pending in the legislature, Fedele proposes that a “business analysis note” be attached to all legislation, just as we currently attach a “fiscal analysis note.”
  • Forging higher education partnerships to increase innovation and entrepreneurship - making the transition from research, to product, to the marketplace.
  • Encouraging innovation and investment in growth industries - identifying the jobs of tomorrow and supporting them.
  • Making Connecticut’s tax policy predictable, consistent and fair - Companies cannot make expansion and hiring decisions when they fear that new taxes and anti-business legislation will be on the table each time the legislature convenes.
  • Implementing business-friendly regulations and tax policies - to make Connecticut a place where employers want to locate and grow their business.
  • Providing appropriate tax credits and incentives to help businesses grow - targeting key industries like nanotechnology, bioscience, financial services, information technology, defense manufacturing – and especially, small business.

Specific actions proposed in the plan include:

  • Immediate tax relief, including eliminating the Business Entity tax and eliminating requirement to pay 70 percent of Corporate Tax by June 15th.
  • Creation of new and expanded tax credits to create jobs, particularly for small business.
  • Creation of a permanent small business loan fund.
  • Two-year freeze on new business regulations.
  • Consolidating Connecticut’s three economic development agencies.
  • Creating a “Business Cabinet” including leaders of business, labor, small business, education, key state commissioners and the legislature.
  • Providing more sales tax exemptions to manufacturers. 

 

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