Anthony Musto

Musto Talks Jobs with Bridgeport Business Leaders

Business tax breaks, hiring subsidies and loan programs discussed at roundtable event

BRIDGEPORT—Today State Senator Anthony Musto (D-Trumbull, Bridgeport & Monroe) led a roundtable discussion with Bridgeport business leaders on bipartisan job creation legislation passed in late October, and highlighted the most beneficial programs it established for area businesses.

“It is encouraging that Connecticut is so focused on jobs that we could get near-unanimous support for a major bipartisan jobs bill this year. It provides multiple incentives for businesses, especially small businesses, to hire people who need jobs and who can help to grow their companies,” said Senator Musto. “I am grateful that so many people from the business community came out this morning to hear and ask questions about the incentives that are now available to them.”

Today’s roundtable event was hosted by the Bridgeport Regional Business Council, and featured a presentation by Lindy Gold of the Connecticut Department of Economic and Community Development (DECD).

“I am very pleased with the jobs bill, and although I tracked the bill’s development in the legislature, I learned a number of things today that I didn’t already know. Businesses large and small benefit from this bill, from AT&T to small businesses and bankers. The breadth of the act is wide, which is very beneficial,” said Paul S. Timpanelli, President & CEO of the Bridgeport Regional Business Council.

“This bill marks the first time I have seen so much excitement among decision makers about their ability to make a difference. Businesses will receive assistance under these programs in as little as 30 days. This money wasn’t meant to sit around, but to get out and help businesses immediately,” said Lindy Gold of DECD.

Businesses and organizations in attendance at today’s event included: AT&T, the Hadley Group, the Town of Trumbull Business Education Initiative, Bank of Fairfield, FSW Inc., AAA Nursing Care, Trefz Corporation, Hampford Research, the Bridgeport Child Advocacy Coalition and Housatonic Community College.

The bipartisan jobs legislation, Public Act No. 11-1, contains multiple provisions to facilitate job growth across Connecticut. The act:

• Establishes the Job Expansion Tax Credit (JET) for businesses ($500 per new hire)
• Credit increases for the unemployed, veterans or disabled ($900/hire)
• Provides loans and grants for business growth (Small Business Express Program)
• Creates the STEP Up program to subsidize hiring and training of new employees
• Cuts the $250/year business entity tax in half, by making it payable biannually
• Expand the successful “First Five” program to cover 15 companies total

To find out more about other provisions of the job creation legislation, visit: http://senatedems.ct.gov/GrowJobs.php

State Senator Anthony Musto represents the 22nd District towns of Trumbull, Bridgeport and Monroe. He is Senate Chair of the Human Services Committee.