March 19, 2010

FINANCE COMMITTEE CONSIDERS TRANSFER OF TAX CREDITS
FOR R&D TO PROJECTS IN ENTERPRISE ZONES

The legislature's Finance, Revenue and Bonding Committee will hold a public hearing on the proposed Act Concerning the Use of Research and Development Tax Credits for Projects in Enterprise Zones (HB 5528) at 10 a.m. Monday, March 22, in Room 2E of the Legislative Office Building.

The intent of the legislation is to encourage commercial or residential development projects in enterprise zones.

"This bill would help create badly needed jobs in Connecticut by encouraging companies like United Technologies Corp. to build residential and commercial projects in enterprise zones. The UConn Center for Economic Analysis has done a study showing the positive long-term effects of this legislation," said state Rep. Henry Genga (D-East Hartford), who has promoted UTC's $2 billion development of Rentschler Field in East Hartford along with state Reps. Timothy Larson (D-East Hartford) and Jason Rojas (D-East Hartford, Glastonbury and Manchester).