Press release from state Sen. Tom Colapietro, a Bristol Democrat:
Bristol Small Businessman Testifies in Support of Senate Democrats’ Jobs Plan
Sen. Colapietro says support continues to build for plan to cut costs for small businesses and expand access to credit
Hartford – State Senator Thomas A. Colapietro (D-Bristol) today welcomed Bristol small businessman Mark A. Policki to the state Capitol as he offered testimony before the General Assembly’s Finance, Revenue, and Bonding Committee in support of legislation designed to grow jobs in Connecticut by providing aid to small businesses.
“I am very glad to see small business owners like Mr. Policki here today to testify and offer their support for this very important bill,” said Senator Colapietro. “Momentum is gathering for this legislation. Connecticut workers need jobs now, and the sooner this bill is passed the better.”
The legislation is known as Senate Bill 1, An Act Concerning the Preservation and Creation of Jobs in Connecticut, and is co-sponsored by Senator Colapietro. It does the following:
• Exempts small ‘mom and pop’ businesses with annual net incomes of $50,000 or less from the $250 business entity tax for two years. (The Office of Fiscal Analysis estimates that at least 46,000 small businesses would be affected).
• Establishes a program to provide loans and loan guarantees to companies with fewer than 50 employees, and authorizes up to $20 million in state general obligation bonding to fund the program.
• Imposes a temporary surcharge of 8.97% in lieu of regular state income tax on bonuses of $1 million or more paid or awarded by companies that received direct funding from the federal Troubled Asset Relief Program (TARP) or certain of their affiliates.
Mr. Policki has owned and operated Bristol Cleaners and Custom Tailoring on Main Street in downtown Bristol for the past four years, though the business itself has a 40 year history in town. Senator Colapietro and Senate President Pro Tempore Donald E. Williams, Jr. (D-Brooklyn) held a press conference at Mr. Policki’s shop a few weeks ago to promote the legislation and the larger Senate Democrat’s Jobs Plan.
“I own two small businesses: a small holding company and my dry cleaning and tailoring shop on Main Street in Bristol. I recently gave up my home of many years in order to keep my dry cleaners in operation. These aren’t easy times to be doing business, and I am very focused on cutting costs in my shop and at home in order to stay profitable and keep going,” said Mr. Policki.
Mr. Policki continued, “It is very important to me to keep my business—I would say that it’s the best job I’ve ever had. Anything the government can do to assist businesses like mine would be appreciated, even if it’s just something small. I like this legislation and what it does, and I think it will be a big help for small business owners like me and many others.”
Senate Bill 1 forms the first component of the larger Senate Democrats’ Jobs Plan, under which the consolidation of the state’s economic development entities is also proposed. Under the plan, the Connecticut Development Authority (CDA), Connecticut Innovations, Inc. (CI) and the direct business financing function of the state Department of Economic and Community Development (DECD) would be consolidated into one single entity, as recommended by the recent bipartisan report from the General Assembly’s Program Review & Investigations (PRI) Committee. This will provide a benefit to small businesses and the state by:
• Cutting costs by streamlining functions.
• Avoiding duplication of efforts—eliminates administrative duplication and helps avoid situations where two agencies are working on the same issue.
• Establishing a one-stop shopping option for small businesses who might not know where to go for help.
• Combining knowledge accumulated from different agencies into one location where this knowledge can be benefit all businesses in Connecticut.
• Creating a new entity that will administer new small business revolving loan fund.
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