Connecticut Governor Ned Lamont gave a preview of his agenda to boost the state’s economy at a co-working space in Hartford on Thursday.
Lamont says he will try to get support from lawmakers to revamp the way Connecticut offers incentives to woo businesses from out of state.
“We don’t want to sit around just handing out money to get a company to go across the border.”
Lamont says instead he wants to offer businesses tax breaks after they meet hiring targets and stay in the state for a set amount of time.
Connecticut’s Economic and Community Development Commissioner says the right businesses will move in-state for quality of life and affordable real estate, not for the most competitive tax package.
“Incentives don’t grow the economy. We need to focus on what does grow the economy. It’s our cities, it’s infrastructure, it’s workforce and it’s fiscal stability and tax certainty. If we get those four things right, people are going to want to come here and work here,” said Commissioner David Lehman.
Lamont also proposes offering small business loans through public-private partnerships with banks, rather than public grants paid by taxpayers.