Connecticut Governor Ned Lamont wants state lawmakers to expand an R&D tax credit program for small businesses that invest in innovation.
The program provides up to $1.5 million in tax credits to encourage small businesses to select Connecticut to develop new and improved products, processes and technologies.
“R&D takes a little while, and you don’t get immediate cash flow back on it,” Lamont said during a visit to Burke Aerospace, a small manufacturer in Farmington, on Tuesday.
“So, anything you can do to help a smaller company that’s really focused on cash flow and make a difference, that’s what we do,” he said.
Lamont was at the manufacturer to highlight how the tax break helps small businesses create good-paying jobs.
“We are going to grow our workforce by 17% this year, and we are also investing millions in new equipment and technology," said Brittany Isherwood, president of Burke Aerospace.
The Republican minority in the state Senate responded to Lamont, saying any proposal to make Connecticut more attractive for job creators is welcome, but they also want permanent tax relief for working families.
