By James Maroney
State Sen., D-14
James Maroney
It has been well-documented in social media posts and op-eds that Connecticut may not be held in the highest regard by those who live and work here. It’s normal to want the best for your home state and at times be critical when one believes state legislators are missing the mark. However, it is just as important to highlight the things our great state gets right.
Business is one of them.
On Feb. 19, the Connecticut Mirror ran a story discussing all the ways Connecticut bolsters businesses’ prospects. According to the Pew Charitable Trusts, an independent non-profit, non-governmental organization, our state ranked in the top concerning business-friendly efforts like grants, low-interest loans and incentives. Additionally, the article points out Connecticut’s exceptional ranking is “due largely to new legislation adopted just two years ago.”
The Pew chart was divided into three categories: Trailing, Making Progress, and Leading. Connecticut joined only 16 other states in the “Leading,” category. This growth is happening all around us.
During the 2019 legislative session, I introduced a bill to maximize our state’s Opportunity Zones. OZs are a recently established federal designation created by the Tax Cuts and Jobs Act of 2017 that incentivizes long-term investment, typically in lower-income areas, through certain advantages such as payment deferment.
OZs are defined as “challenged but promising” areas. Connecticut has 72 OZs located in 27 municipalities. Last fall, 400 investors, developers and municipal leaders held a conference in Connecticut to learn more about OZ legislation and the newly created website, ctopportunityzones.com.
My legislation layers state incentives on federal incentives, making investing in our state’s OZs more attractive and providing Connecticut the potential to unlock an estimated $6 trillion in unrealized capital gains.
As business leaders familiarize themselves with this job-creating opportunity, growth continues to happen across our state. In New Haven, Winstanley recently announced plans to build lab space downtown. According to an article in the New Haven Register announcing this development, it will be a $800 million neuroscience center on the St. Raphael’s campus of Yale New Haven Hospital. The same can be said in Stamford, where the city currently has “more than $6 billion worth of commercial and residential development underway,” according to Westfair Communications.
Although much has been accomplished, I am not ready to take a victory lap. Throughout the 2020 legislative session, I am eager to discuss and examine ways Connecticut can do even more to lead the way in economic development and job creation. It is encouraging to see growth in areas in need of development and in industries like neuroscience and bioscience. As our economy evolves, at a rapid pace no less, it is important to provide opportunities for both modern careers and the careers of tomorrow.
Through this growth, we are assisting those here, attracting business from across the country and providing opportunities for our state’s future high school and college graduates looking for quality careers right here in Connecticut. There is always room for improvement; statements critical of how things may be going are expected and welcome. However, it must be noted that Connecticut is getting business right. It must be noted that Connecticut is open for business.