Sen. Kane: “Just the type of message we should be sending to the private sector.”

August 13, 2013

Article as it appeared in the Hartford Business Journal

CT using carrots to lift Waterbury-Oxford Airport

Connecticut has designated Waterbury-Oxford Airport an economic development incentive zone, hoping tax abatements and credits will boost commercial activity in and around the state’s busiest general aviation airport, authorities say.

The 11-member Connecticut Airport Authority voted unanimously Monday to implement the zone, the authority, the governor’s office and the state’s economic development promoter announced.

The zone carries with it two kinds of business incentives: Subject to certain conditions, a five-year, 80-percent abatement of local property taxes on real and personal property; and a 10-year credit ranging from 25 to 50 percent on a portion of the state’s corporation business tax.

“Airports are important economic drivers and integral to our overall economic development strategy,” Gov. Dannel P. Malloy said in a statement. “… This enterprise zone will bring jobs and important economic activity to the region.”

Located five miles west of Waterbury, the airport an estimated 6,500 corporate jets and private propeller aircraft used the aerodrome’s landing, refueling and storage facilities in 2010, the state said.

It also in the same year contributed more than 2,374 direct and indirect jobs and $235.4 million in economic activity, including $113.9 million of labor income, and $7.9 million in state tax revenues.
State Sen. Rob Kane (R-32) and State Rep. David Labriola (R-131) on Monday applauded the Connecticut Airport Authority for passing a measure to promote economic development near Oxford Airport.
Lawmakers whose constituents include the airport and neighboring communities separately hailed the designation Monday.
“It’s just the type of message we should be sending to the private sector,” state Sen. Rob Kane (R-32) said in his own statement. “We’ve got to do all we can to promote economic development and job creation in Connecticut.”