News from State Senator Andrew Maynard

February 2012

Capitol address
Legislative Office Building
Room 2300
Hartford, CT 06106-1591

On the Web
www.SenatorMaynard.cga.ct.gov

Phone
Capitol: 860-240-0591
Toll-free: 1-800-842-1420

Employing Our Veterans

As a former Chair of the Veterans’ Affairs Committee, I am deeply concerned by the high unemployment rate among US Military veterans today.

Vets National labor statistics report an 11.5 percent unemployment rate among all veterans—over 2 percent higher than the regular rate. In addition, 20 percent of veterans under age 25 are unemployed.

To help address this problem, I voted for legislation in October that will provide employers with a tax credit of $900/month for every veteran they hire. This year, I hope we can do even more by expanding the STEP-Up job training and employment program to specifically benefit veterans.

The federal government is also helping out with a Wounded Warriors Tax Credit of up to $9,600 that will increase existing tax credits for firms that hire veterans with service-connected disabilities who have been unemployed six months or longer.

The federal Returning Heroes Tax Credit also provides up to $5,600 directly to veterans who have been unemployed six months or longer.

Both federal tax credits apply to veterans who began work for their employer after November 21, 2011.

I am optimistic that taken together, these three initiatives will help achieve a substantial reduction in veteran unemployment. Click here for more info.

Helping Entrepreneurs Get Started

Just weeks ago, I was pleased to join Groton Long Point resident, inventor and entrepreneur Anthony Viggiano at a demonstration in Mystic of his new Autotether wireless lanyard boating safety device.

Mr. Viggiano is an avid fisherman, and was inspired to create the wireless lanyard while reflecting on what might happen if he fell off a moving boat alone, with no one else to help him. His invention automatically cuts the boat’s engine when a user falls overboard.

Autotether LLC designed and continues to manufacture its product right here in Connecticut. In order to grow the company in a tough economy, Autotehter has raised $505,000 from angel investors in recent months, just over half of their $1 million goal.

I am proud to have led the effort in the General Assembly to first pass and then expand the Angel Investor Tax Credit, which incentivizes investment in local startup companies like Autotether. Many companies have found it difficult to borrow from banks during the recession and in the aftermath of the credit crisis.

Small businesses like Autotether are the greatest job creators in our economy. I am optimistic that the Angel Investor Tax Credit will continue to help new Connecticut companies on their way to success.

Scams to Watch Out For

The Better Business Bureau (BBB) keeps track of some of the most common scams in America. Here are a few of their Top Scams of 2011 so you and your family can be on your guard and informed:

Beware online “job applications” which ask candidates to fill out a “credit report” or provide bank account information for “paycheck deposits.”
Scams are common on social media sites, where the information you post can help strangers seem like they know you. Be careful about what you click and post.
Unscrupulous door-to-door home improvement contractors can sometimes leave your home worse than they found it. Price gouging is especially common after natural disasters. Find a contractor you can trust at www.bbb.org
Look out for check-cashing scams while buying or selling on Craig’s List and similar websites. If someone sends you a check for more than they owe, make sure it doesn’t bounce before you wire back the difference.
Scammers sometimes call hotel room guests, claiming to be at the front desk and to have “lost” your credit card number. Deal with the front desk in person.
Beware of offers to help restructure or eliminate debt. Not all offers are genuine, and some will charge fees then leave you owing even more money.