The following is an excerpt from written testimony submitted in support of H.B. 5044: An Act Making Adjustments to State Expenditures for the Fiscal Year Ending June 30, 2017.
The most critical thing the Connecticut legislature can do to improve our economy is to restore confidence in business leaders that the state can manage, and sustain, its fiscal operations for the foreseeable future.
In a recent CBIA survey, 88 percent of business executive respondents indicated state tax policy impacts decisions they make on investment and location decisions.
The more effective and efficient state government is, the better our business climate will become and the sooner new, good jobs can be created.
Connecticut will be better able to compete with other states to grow and retain existing businesses as well as bring new companies into our state. And as we know, those other states are not asleep.
We see aggressive new policies to raid our best businesses not only from overseas or from southern states but from Massachusetts, New York and Rhode Island.
Only a strong economy, and confidence by business decision makers in our government, can provide the jobs people need and the revenues necessary to underwrite essential state services now and in the future.
Peter Gioia is Vice President of the Connecticut Business and Industry Association and an economist.