Major Jobs Legislation Clears House

A press release from State Representative Crawford's office:

State Representative Jim Crawford (D-35th District) today announced House passage of the most comprehensive jobs bill of the 2011 legislative session. Rep. Crawford, co-sponsor of An Act Concerning the Continuance of The Majority Leaders’ Job Growth Roundtable, (HB 6525), noted the bill was unanimously approved on a bipartisan basis. The bill is now headed to the Senate for consideration.

“We have to take full advantage of our state’s many assets. And we must refocus our attention on technology and small manufacturing businesses where many of the new jobs will be created to make Connecticut competitive once again. We need to attract more high-tech jobs to the state for the long-term and this bill has the potential to do just that,” said Crawford. “This bill represents the kind of strategic vision and systematic approach to economic development that we have to take.”

“This is one of the most important pieces of legislation this year. The fact that it received unanimous bipartisan support shows that we can work together and achieve concrete results that will help create and retain manufacturing and technology-based jobs for the long-term,” House Majority Leader Brendan Sharkey (D-88th) said. “Incentives and a strong network between investors, academics and the state can transform Connecticut into a center of innovation that can be a magnet for entrepreneurs, talented people and great ideas to take root.”

The goal of the legislation is to jump-start job creation in the state. It lays a foundation for long-term economic growth, provides incentives for entrepreneurship and innovation and makes investments in manufacturing and education.

The legislation is an outgrowth of the Majority Leaders’ Job Growth Roundtable initiative that was led by House Majority Leader Sharkey and Senate Majority Leader Martin Looney (D-11th District). In addition to lawmakers, the roundtable was made up of academics, economists, labor and business leaders, and venture capitalists.

Specifically, the Job Growth Roundtable’s recommendations reflected in HB 6525 include:

-          Investing in business growth – Positions Connecticut to be an innovation leader by driving technology-based economic development and manufacturing reinvestment.

-          Student loan reimbursement for green tech degrees - Students can qualify for up to $2,500 or 5 percent of annual tuition for 4 years.

-          A manufacturing reinvestment fund - Expands and protects manufacturing base through new tax-preferred account where machinery, equipment or facilities can be purchased. Up to $50,000 can be used by 50 manufacturers with 50 or less employees for up to 5 years to reinvest and grow their businesses. Account disbursements are taxed at only 3.5 percent.

-          An innovation network created in government – DECD will organize technology leaders and entrepreneurs, to increase the state’s innovation competitiveness using incentives and financial support to strengthen the bond between universities and industry. In partnership with federal research funds. The bill increases corporate-sponsored research and establishes an innovation accelerator linking universities, corporations to start-up technology companies. It strengthens technology transfers and entrepreneurship activities at UConn and links angel networks and incubators.

Representative Crawford represents the 35th General Assembly District of Clinton, Killingworth and Westbrook.