Conroy joins manufacturer caucus

Lawmakers focus on job growth, training

State Rep. Theresa Conroy, D-Seymour, has joined the General Assembly’s Manufacturers Caucus – a group of lawmakers committed to job growth and improved training in the field of manufacturing.

“Manufacturing is such a vital part of the state’s economy,” Conroy said. "That’s why I am thrilled to be a part of the legislature’s Manufacturing Caucus. I am always on the lookout for ways to help the Valley’s manufacturers survive and thrive.”

  

Conroy noted the region is home to Naugatuck Valley Community College and Housatonic Community College, two of the state's three Advanced Manufacturing Technology Centers.

She said, “There are a number of programs and tax credits on the books to help manufacturers and small business.”

Two of the more popular programs are:

§    Economic and Manufacturing Assistance Act - provides low-interest loans and incentive-driven direct loans for projects when there is a strong economic development potential. Funding may be used for purchase of equipment, furniture and fixtures, construction, leasehold improvements, training and other eligible project-related activities.

§   Small Business Express Program - provides loans and grants to Connecticut's small business to spur job creation and growth.

In addition to financial assistance there are more than half a dozen tax incentives such as the Urban and Industrial Site Reinvestment Tax Credit - a dollar-for-dollar corporate tax credit of up to 100 percent for an investment up to a maximum of $100 million in an urban area or an industrial project; minimum investment is $5 million in distressed communities and $50 million in all other communities.

Another highly sought after tax credit is focused on machinery and equipment. Businesses can get a 10 percent tax credit if they invest in machinery and equipment.  

This information is taken from a press release from Conroy's office.