DECD: First Five Initiative Approved by Senate, Moves on to House

Governor Malloy’s First Five Initiative Approved by Senate, Moves on to House
 
June 3, 2011
 
Contact:  Jim Watson, DECD, 860-270-8182, jim.watson@ct.gov
 

The touchstone of Governor Dannel P. Malloy’s jobs initiative, the First Five program, was passed by the Senate by a 32-4 margin Friday.  The House is expected to take up the Governor’s proposal, Senate Bill 1001, prior to adjournment on June 8.
 
First Five is a new program that will provide incentives to the first five businesses that each bring a minimum of 200 new full-time jobs to the state within the next 2 years or invest at least $25 million and create at least 200 jobs within five years.  In addition, businesses would continue to receive credits for each net new job created above 200, increasing the potential for thousands of jobs in the state.
 
“Governor Malloy has pledged to make job creation his number one priority and the First Five program is a bold, clear approach that will spur investment and business growth,” said Catherine Smith, commissioner of the Department of Economic and Community Development (DECD).  “Combining the benefits of some of DECD’s most powerful economic development tools for high-growth projects is an important first step in accelerating our economic recovery.”
 
Before companies can be eligible for the First Five program, they must receive approval from DECD.  Commissioner Smith can modify requirements on tax credits and other incentives, eliminate caps on direct state financial assistance, and override the limits on tax credit programs.
 
Businesses interested in learning more about this program should call DECD Deputy Commissioner Ronald Angelo at 860-270-8020.