> Legislature Approves Bradley Development Zone
Legislature Approves Bradley Development Zone
| Bill Gives Tax Incentives For Businesses In Windsor Locks, Windsor, East Granby, Suffield State Rep. David Baram (D-Windsor, Bloomfield) has announced the final legislative approval of a bill that would establish a Bradley Airport Development Zone. In a 149-1 vote late Tuesday, the House of Representatives approved the bill, which provides tax incentives for businesses in census blocks assigned as of October 2011 in Windsor Locks, Suffield, East Granby and Windsor - areas near Bradley International Airport. The Senate approved the bill over the weekend by a 28-2 vote. The bill now goes to Gov. M. Jodi Rell for her expected signature. "This bill will go a long way toward encouraging economic development and creating jobs in the four towns," Baram said. "It will provide tax credits to manufacturers and information technology businesses that move into or expand in the zone." The corporate tax breaks would be tied to the number of jobs created within the zone. For example, a 30 percent tax cut could be taken by a company that hires at least 25 new people. For 150 or more new jobs, a 50 percent corporate tax break would be allowed. "This is a great example of how we can be proactive and encourage long-term economic growth in Connecticut. With about 2,000 acres that could be developed in the area, the Bradley Development Zone moves us in the right direction," Baram said. |