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 received some $100 million in corporate income tax credits, rebates or reductions from Connecticut, the Times' data shows.
A number of companies in New London County also ranked among some of the top recipients. In New London, General Dynamics received $15 million and Pfizer $5 million. Electric Boat in Groton received $9.9 million. Entertainment and new media companies also raked in big incentives, including WWE in Stamford, which received $16.5 million.