Connecticut’s economy grew 7% in the fourth quarter of 2020 and continued the momentum throughout 2021. The state’s manufacturers produced more than $31 billion worth of goods in 2020, slightly better than pre-pandemic figures. Electric Boat, one of the largest manufacturers in the state, recently secured a $9.5 billion contract to build submarines in a deal that will create 2,000 jobs. The state has also seen several company relocations from New York, including the 500-employee headquarters of Nuvance Health. Amazon opened three centers in the past year, and Infosys announced 1,000 new jobs.
Urban and Industrial Site Reinvestment Tax Credit: Offers a dollar-for-dollar tax credit on qualifying projects with a minimum of $5 million in distressed communities and $50 million in all other communities.
Connecticut Bioscience Innovation Fund: A $200 million, 10-year program that offers focused financial assistance to startups, early-stage businesses, nonprofits and accredited universities.
Angel Investor Tax Credit: Offers $25,000 or more in a qualified Connecticut business, equal to 25 percent of the investor’s cash investment when at least $25,000 is invested in qualifying businesses.
Digital Media Tax Credit: Offers a tax credit of up to 30% on qualified digital media and motion picture production expenses, up to $1 million or more.
Connecticut Department of Economic and Community Development
portal.ct.gov/DECD
AdvanceCT
advancect.org
Metro Hartford Alliance
metrohartford.com
The Connecticut CARES Small Business Grant Program assists small businesses that have been impacted by the economic downturn related to the pandemic. It offers a one-time grant of $5,000 to businesses and non-profits that have fewer than 20 employees and a payroll of less than $1.5 million.
14 Fortune 500 companies headquartered in state, including:
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