The State of Connecticut badly needs to reform the way it attracts new businesses or keeps businesses from leaving. The current or “rifle” approach is to throw millions of dollars at large, individual firms. A smarter or “shotgun” approach would be to reduce corporate tax rates and regulations, making our state more attractive to all businesses, large and small.
Unfortunately, the current approach is unlikely to change as long as the Democrats control Hartford. In the meantime, our own Fred Camillo, in his leadership role on the Commerce Committee, has supported a stopgap measure that would pay the taxpayer’s back if the company makes it big in the state.
For example, he voted for the 2011 Jackson Labs bill (one of only five Republicans in the CT General Assembly to do so). If Jackson Labs has a product that hits $10 million in annual revenue, the state then becomes a 50% partner. That type of clause was never in any of our tax expenditure deals, where we throw money at companies to locate (or stay) here.
Fred has worked with others, particularly Joe Kaliko, to get it inserted into a few other deals, though his goal is to have it in all of them. It is the smart, fair and responsible thing to do on behalf of the taxpayers.
This is just one small example of the good work that Fred Camillo has done for us in Hartford. In November, I urge you to re-elect him for another term.
Former Greenwich Selectman