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.
| 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 |