Carlo Leone

Leone: 2012 Jobs Bill Wins Final Passage

Legislation will help unemployed post 9/11 veterans find work, grow small businesses, promote state tourism and CT Made products

State Senator Carlo Leone (D-Stamford) announced early this morning that landmark job creation legislation, the “2012 Jobs Bill,” has won final passage in both houses of the General Assembly.

“Job creation remains my top priority, as too many people are still unemployed or underemployed. Tonight’s bill will expand the small business loan, grant, and employment subsidy programs created by both parties last fall. It will help these companies to grow, promote products made right here in Connecticut, and put more people back to work,” said Senator Leone.

He added, “This bill will also create a new version of the STEP UP job training and employment program, specifically for unemployed post 9/11 combat veterans. The unemployment rate among young veterans is over 30 percent, and we must do a better job of helping them adjust back into civilian life.

“This new initiative will help companies to hire veterans and provide them with on-the-job training, by paying part of their salaries over the course of six months. Combined with the existing $900/month state tax credit for each new veteran hired, every company should give strong consideration to a veteran to fill their next open position.”

Connecticut’s unemployment rate is currently 7.7 percent, nearly half a percentage point lower than the national rate of 8.1 percent. A recent study found that Connecticut has the second fastest growing economy on the East Cost, and the ninth fastest growing of any state.

Today’s legislation builds on a bipartisan jobs bill passed last October, which established a number of programs designed to help small businesses expand and hire new employees. The bill expands some of those programs, and introduces some new initiatives.

The legislation will:

• Establish the “STEP-UP for Veterans” Program to specifically help unemployed post 9/11 veterans, who suffer from an unemployment rate as high as 30 percent. This initiative subsidizes the cost of hiring and training a new veteran employee at a gradually declining rate over six months. Unlike the existing STEP UP program for non-veterans, only post 9/11 combat veterans are eligible for this new subsidy, and companies of any size may participate. The bill authorizes $10 million in bonds for the program over two years.
• Expand the existing “Small Business Express” Program and “STEP UP” Program (for non-veterans) to an estimated 3,600 additional state businesses. Small Business Express provides grants and low interest loans to help companies expand and hire new workers. STEP UP subsidizes the salaries of new employees for six months, at a gradually declining rate, while they receive on-the-job training. Under current law, a business must employ 50 employees or less to qualify for the programs; today’s bill raises that ceiling to 100 employees.
• Create the “Connecticut Made” and “Connecticut Treasures” programs to promote products made in Connecticut and promote the state’s cultural, educational and historic attractions. The bill provides for a multiyear, state-wide marketing and advertising plan that includes television and radio advertisements showcasing Connecticut-made products and the advantages they offer.
• Seek to relocate overseas jobs to Connecticut by allowing the state Department of Economic and Community Development to give preference under the “First Five Plus” program to companies that relocate jobs from overseas to Connecticut; assistance includes loans, tax incentives and other forms of economic development that create jobs and invest capital within a certain timeframe.