Economic growth is the engine that drives all our priorities as a society—high standards of living, quality education for our children, and excellent health care for all. Creating good jobs in Connecticut has to be our number one priority, but state government all too often gets in the way. Over-taxation and over-regulation are causing businesses to leave Connecticut or shut their doors, and I believe we need to change Connecticut into a “business-friendly” state.

Certainly that was the message I took away from the regional forum I hosted recently for the valley region’s business leaders. They were very clear in expressing their belief that the future of our state’s economy depends upon Connecticut’s ability, and willingness, to foster a welcoming business climate that leads to creating and keeping jobs here.

The General Assembly made solid strides last year in passing my Job Creation Tax Credit bill, which was enacted into law with bipartisan support. The 2007 legislation provides tax credits to Connecticut C-corporations that create 10 or more net new jobs in a year. Qualifying businesses approved by the state Department of Economic and Community Development (DECD) receive a tax credit equal to 60% of each new worker’s state withholding tax.

We now have the opportunity to build on that law. I am working with legislators in a bipartisan manner to secure support for several job creations initiatives. Newly-elected State Senator Rob Russo and I are working together to enact the following:

• Repealing the Business Entity Tax: Small businesses currently pay $250 annually just for existing. We should eliminate this tax entirely—there is no logic for it, and it just hurts small business owners (who create most of our jobs).

• Bringing Business Sense to Regulation: We should require a cost/benefit analysis of every regulation in Connecticut every five years. When it is determined that a regulation’s societal cost outweighs its benefits, it would automatically be repealed unless the legislature votes to keep it.

• Expanding the Jobs Tax Credit: We should extend our job creation tax credit to all businesses and apply the credit annually to every net new job created. Both small and large businesses should be able to take advantage of the credit.

• Creating Next Generation Industries: In 2006, we created a movie industry tax credit that has been successful in bringing movies to Connecticut We should extend this credit to emerging “next generation” industries that will create jobs in 2020 and beyond. Targeted industries could include alternative energy, environmental remediation, optics and photonics, life sciences devices and nanotechnology.

I am committed to working in a bipartisan way to create jobs in Connecticut. I believe these common-sense proposals will help both small and large businesses flourish in our state.