February 22, 2011

GOVERNOR MALLOY: BUSINESSES INTERESTED IN 'FIRST FIVE' PROGRAM SHOULD CONTACT OFFICE DIRECTLY

(HARTFORD, CT) - Last week, Governor Dannel P. Malloy announced the creation of his 'First Five' initiative-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 24 months. Today, Governor Malloy announced that companies interested in the program should call his office directly to learn more.

"I've said from the beginning that I plan to be very involved in attracting new businesses to the state, and keeping the ones we already have," said Governor Malloy. "The program takes our best job creation tools, like the Reinvestment Tax Credit, the Manufacturing Assistance Act and the Job Creation Tax Credit, and allows them to be combined so the benefits to businesses increase. Employers are also taking note of the way in which this budget gets our state's fiscal house back in order-no gimmicks and no borrowing. I had to make a number of tough decisions in this budget, but the creation of a program like 'First Five' was a no-brainer."

In addition to the incentives based on the creation of the first 200 new full-time jobs within Connecticut, businesses would continue to receive credits for each net new job created above 200, increasing the potential to thousands of jobs in the state. Before companies can be eligible for the First Five program, they must receive approval from the Department of Economic and Community Development. The Governor's initiative has been introduced as Senate Bill 1001 - An Act Creating the First Five Program .

Businesses interested in this program should call Aaron Frankel at 860-524-7302 for more information.

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For Immediate Release: February 22, 2011

Contact: Colleen Flanagan

Colleen.Flanagan@ct.gov

860-524-7308 (office)
860-770-8090 (cell)

Twitter: @GovMalloyOffice

Facebook: Office of Governor Dannel P. Malloy