Connecticut spends about $241 per capita each year developing business growth, or $860 million annually, according to a report in the New York Times.
Connecticut is one of 45 states in the country that invests heavily in business development. Nationally, the country spends $80.4 billion on business incentive programs, the newspaper learned following a 10-month investigation.
Of the $860 million Connecticut spends annually on business tax incentive programs, $392 million represents some type of tax discounts, including sales tax and other tax exemptions. Another $377 million represents corporate income tax credits or reductions, while some $90 million of the annual total represents cash grants, loans or loan guarantees to businesses.
The top incentives by industry in Connecticut, the newspaper found were:
- $218 million in Agriculture
- $152 million in Manufacturing
- $135 million in Technology
One of the top beneficiaries of the state's largesse is the Royal Bank of Scotland in Greenwich, which has gotten some $100 million in corporate income tax credits, rebates or reductions from Connecticut, the Times' data shows.
Data points to Berkshire Hathaway (General Re Corp.), Deisgn Within Reach, Comcast, Purdu Pharma LP, Greenwich Associates LLC, Sempra Energy Trading Corp. and Lex Products Corporation as companies specifically in Stamford receiving funds.
Comcast received the most funds with nine grants totaling $29.3 million, according to the Times. Berkshire Hathaway came in second with two grants totaling $28.5 million. Purdue came in third with $3 million from a single grant.