Subsidies: How much businesses get from taxpayer assistance in CT

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More than $4 billion in state and federal subsidies have been given to businesses in Connecticut since 1999.

Much has been noted of General Electric’s pending move from its Fairfield headquarters to Boston, a city that’s pledged $145 million in grants and aid.

In 2001, General Electric received a grant in Connecticut from the Department of Economic and Community development worth $4.3 million as part of the Manufacturing Assistance Act, according to Good Jobs First, an organization tracking subsidies. In 2011, one of its subsidiaries, Alstom Power, received a similar grant for $3 million.

But that’s just in Connecticut. Across the country, General Electric has been granted state and local subsidies totaling $550 million, and federal grants and allocated tax credits of almost a $1 billion.

Boston’s subsidy package is the largest the city’s ever offered— the largest ever in Massachusetts, too. But compared to grants awarded to other companies in Connecticut, the $145 million would just be eighth in rank.

United Technologies based in Farmington has received the bulk of government financial assistance with $400 million.

Nearly a quarter of $4 billion given to businesses in Connecticut since 1999 went to businesses in Stamford. They received 144 state and federal subsidies totaling almost a billion dollars.

Farmington, Greenwich, Bristol, and Norwalk follow in taxpayer assistance at a total of about $815 million.

About 8 percent of the subsidies listed in the data (there were 2,600 total) did not include town location information. However, that 8 percent accounted for 35 percent of the total sum of state and subsidies given to businesses.

Bristol is where ESPN is located and its parent company, Walt Disney, got almost $180 million in grants and tax credits since 1999.

Insurance and media companies, as well as banks, received the most government aid in Stamford.

Total subsidies given to Connecticut companies have risen and fallen over the years, with the highest in 2014 with nearly $710 million.

But it was followed by one of the lowest years in 2015 with just $51 million.

The programs that awarded the most subsidies were the Urban and Industrial Site Reinvestment Tax Credit and the Manufacturing Assistance Act.

Subsidies granted to Connecticut businesses by program
Since 1999.
Subsidy program Amount
multiple 1105500000
Urban and Industrial Site Reinvestment Tax Credit 1050616119
Manufacturing Assistance Act 522827291
Digital Media and Film Tax Credit 396960565
Connecticut Insurance Reinvestment Act 190000000
First Five 164700000
Small Business Express 112400135
Film Infrastructure Tax Credit 81003999
Digital Animation Production Company Tax Credit 78831981
single sales factor for broadcasters 75000000
Job Expansion Tax Credit 33234900
Historic Structures Rehabilitation Tax Credit 31118785
Urban Action Grant 25350000
Historic Preservation Tax Credit 10672574
Dry Cleaning Establishment Remediation Fund 9817263
Job Creation Tax Credit 7620670
Small Business Revolving Loan Fund 4178542
Public Act/Special Act 2000000
Qualified Small Business Job Creation Tax Credit 1180400

What do you think?

  • James Linnane

    Despite all the subsidies lavished on Stamford companies, the city is said to have a net loss of jobs during Malloy’s administration.

    • Bill Flood

      Interesting, but hard to really assess since the listed subsidies start in 1999. (That’s 12 years under Rowland & Rell, 6 under Malloy.) It would be interesting to know how much Stamford got before 2011, and how much since… although obviously the grand total is much higher in the Malloy administration (also, post-2008 crash). I also wonder much Waterbury businesses got under Rowland, but he seemed to boost his town with state projects, not private business funding.