- Dear Abby
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Two bills that I have proposed have received unanimous support at the legislative committee level and now await a full vote of the state legislature.
One proposal would enhance the current manufacturing reinvestment account (MRA) program by easing its eligibility requirements. An MRA is like an IRA for manufacturers, allowing profits to be reinvested back into companies without having to pay burdensome taxes. This proposal lets more manufacturers take advantage of the MRA program.
Another proposal establishes a "Learn Here, Live Here" program which would allow you to set aside up to $2,500 a year of your income tax bill and direct it to a "Learn Here, Live Here" account. For up to 10 years, you can withdraw what has been put in to start a business. At the end of 10 years, you could have up to $25,000 to start a business - money that would have otherwise simply gone to the state in taxes. This would be a great way to encourage entrepreneurship in Connecticut.
These proposals can help create jobs and grow the economy.