Rep. Alberts Plays Critical Role in Job Creating Legislation

Hartford- State Representative and Simsbury Bank Vice-President Mike Alberts (R- Woodstock) joined Governor Rell yesterday as she signed into law a bill that creates an economic development zone in four Connecticut towns near Bradley International Airport- East Granby, Suffield, Windsor and Windsor Locks.

The Bradley Airport Development Zone (BADZ) extends tax incentives to manufacturers and other specified businesses that develop or acquire property in the zone and create jobs.

“Given the sky high unemployment rates that Connecticut is currently suffering from I am happy we- Governor Rell and the legislature- were able to provide some tax incentives to encourage job growth and get people back to work,” said Representative Mike Alberts, the ranking member of the legislature’s Commerce Committee.

“Bradley Airport provides a great economic opportunity for Connecticut,” said Alberts. “Increased business growth in the BADZ is beneficial to the entire state as it can help jump-start our economy. I hope we can use this bill as a model for future economic growth in Connecticut. We need to provide more tax incentives for businesses rather than burdening them with more taxes.”

Alberts is Vice-President and Commercial Relationship Manager for Simsbury Bank.

The credits are available to businesses that manufacture, process or assemble raw materials or parts; perform manufacturing-related research and development; or significantly service, overhaul or rebuild industrial machines and equipment. Warehousing and motor freight businesses can qualify for the credits if they can demonstrate their business is dependent on goods shipped by air, while service companies- including information technology companies- can also qualify for credits if the can demonstrate their business is related to the airport.

The bill extends a property tax exemption equal to 80% of the assessed value of new, renovated or expanded facilities and on machinery or equipment installed as part of a development or acquisition and it is good for five years, and a 10-year corporation business tax credit on the amount of the tax attributable to the BADZ facility. The business tax credit can range from 25 percent to 50 percent, depending on how many employees at the BADZ facility are residents of the town or zone who qualify for federal job training assistance.

The legislation- SB 107, An Act Establishing a Bradley Development Zone- takes effect October1, 2011. The property tax exemptions apply to assessment years beginning on or after October 1, 2012, and the business tax exemptions apply to income years beginning on or after January 1, 2013.