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 report lists two New London businesses receiving incentives: General Dynamics, which received $15 million in 2010, and Pfizer, which received $5 million in 2000. General Dynamics has been awarded $30.4 million from 40 grants in 14 states since 2003, while Pfizer has received at least $92.9 million from 44 grants in nine states since 1998.
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.