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04/27/2022 12:00 AMOn April 21, North Branford hosted David Lehman, CT Dept. Of Economic and Community Development (DECD) Commissioner, who gave a State of the State discussion and shared DECD's vision to improve CT's reputation for starting and growing businesses; support and generate inclusive growth within CT's most innovative industries, and attract and retain work-from-anywhere talent by investing in vibrant and affordable communities.
Several comments and details shared by Lehman appear in the related story "North Branford Hosts State of the State at New Millpond Gatherings;" further details on the state budget and DECD efforts appear here.
State Budget Notes
Budget adjustments for fiscal year 2023 to provide tax relief totaling $335.7 million, including:
Expanding property tax credit to full eligibility by one year, and increasing the credit maximum from $200 to $300, which will benefit an additional 500,000 residents.
Accelerating the exemption for pension and annuity income tax by 3 years, expanding student loan relief program eligibility to all CT Higher Education Supplemental Loan Authority (CHESLA) loans, not just those which has been refinanced.
Allowing tax credit to be refundable for businesses with sales less than $5 million.
Lowering the municipal mill rate cap on motor vehicle taxes from 45 mills to no greater than 29 mills, which the state estimates will provide property tax relief for an additional 1.7 million vehicles in 103 towns.
The 2023 CT budget's $190.9 million in strategic investments include:
Expand broadband and technology, as well as bolster the capacity and resiliency, will allow CT Education Network (CEN) internet services to reach remaining towns, libraries, and public K-12 charter schools as well as to provide rail commuters with on-board, high-speed internet access.
Developing the state's workforce with an investment anticipated to reach an additional 2,000 workers, by expanding the CareerConnect program (which creates opportunities for students to progress in career pathway which lead to jobs in CT's fastest growing industries), while also aiding in reskilling unemployed workers in order to enter new, higher-wage careers.
Projects Providing New Momentum, Investment and Energy
East Haven's Tweed Airport $100 million expansion, as a hub for Avelo, a new regional airline with 3 flights daily (at its start in the third quarter) increasing to 8 per day, providing 175 permanent jobs, some 1,000 construction jobs and funded privately, with no taxpayer money.
New Haven's 101 College: State-of-the-Art Life Sciences Building in Downtown Crossing, a 10-story facility providing over 500,000 square feet for lab, office, incubator/accelerator space with committed tenants including Yale University and New Haven based Arvinas, a clinical-stage biopharmaceutical company.
The Village in Stamford, a new waterfront destination location with over 133,00 square feet of indoor-outdoor work-play space, easy access to I-95 and the Stamford Transportation Center.
DECD Priorities
Improve Business Environment with CT Brand, Marketing & Tourism and Jobs CT -
CT Brand, Marketing & Tourism: launch an inclusive marketing campaign to leverage remote workforce, challenge dated perceptions of "stodgy, lack diversity, is unfriendly to business and entrepreneurs," expand year-round into new tourism markets.
JobsCT Support: business attraction and expansion; reward employers that locate and grow in CT, creating 19,000 jobs over five years.
Drive Innovation -
Innovation Corridor: Public and private matching funds to seed three transformational, placemaking projects to drive job opportunities, innovation, and business formation in our largest cities. Location determined via an RFP process.
Greentech Fund: Advance nascent specialization in clean energy technology by investing in capital improvements and place-based development in Greentech hubs.
Smart Manufacturing: Create and/or retain 5,000 jobs through training and programs via recapitalization of the Manufacturing Innovation Fund.
Invest in Communities -
Targeted Small Business Support: Public and private matching funds to support CT's small businesses, creating/ retaining 14,000 jobs via loans and grants, with at least 50 percent targeting underbanked and underrepresented business owners.
Communities Challenge: Competitive community grant program to spur investment in CT's main streets and the vibrancy of communities through high-quality, transit-oriented development.
Arts and Culture Funding: to help arts and other entertainment organizations that have experienced economic dislocation during the pandemic.