Rocky Hill businesses benefit from incentives
December 8, 2012 by Sarah
A recent report in the New York Times (NYT) has shown that Connecticut spends $860m each year on business development, with Rocky Hill benefiting as much as anyone. These incentives are part of an $80bn investment program across the U.S.
Following a 10-month study, the NYT shows that $769m is provided through various tax incentives, such as discounts, rebates and income tax credits.
The other $90m comes by way of grants and loans, and loan guarantees. Seen as an essential part of economic growth, local businesses would do well to check and ensure they are claiming all their entitlements.
Local firms should also make sure they are tapping into every other opportunity available. Printing companies in the area have great ways to interact with customers for example, from simple poster printing, through business card printing , and on to full-sized banners and displays.
Local incentives can also help towards the cost of these marketing and advertising materials, which could prove helpful for many.
The biggest three beneficiaries of incentives in the state are agriculture, manufacturing, and technology. Agriculture takes top spot, with $218m a year, manufacturing second with $152m, and technology in at third with $135m in savings and benefits.
In Rocky Hill, many companies of every size have benefited. Notable beneficiaries include Cytex Industries Inc., which received $2m in 1996, and Burris Logistics, which was helped with $3m worth of credits through 2009 and 2010.
Essential to supporting the local and national economy, it is important that these industries continue to do well here.