General Electric Criticizes Budget, Questions Staying in State

Fairfield-based General Electric Co. is criticizing the state’s proposed budget, saying “retroactively raising taxes again” makes businesses and residents question whether it makes “any sense” to stay in Connecticut.

GE, which employs 5,700 in the state, released the following statement on Monday:

“Reports that Connecticut officials intend to raise taxes by another $750 million dollars are truly discouraging. Retroactively raising taxes again on Connecticut’s residents, businesses and services makes businesses, including our own, and citizens seriously consider whether it makes any sense to continue to be located in this state. The Connecticut economy continues to struggle as other states offer more opportunities and a better environment for business growth. It is essential that Governor Malloy and legislative leaders find a more prudent and responsible path forward for Connecticut and its citizens in their current budget negotiations.”

Governor Dannel P. Malloy responded to GE’s statement, via FoxCT, saying:

“Let’s be very clear. Businesses, residents and the Connecticut economy lose billions – billions – of dollars of output each year because our transportation infrastructure needs a transformation, which this budget delivers. The historic investments we’re making in this budget, the largest in the history of Connecticut – an additional $10 billion – are good for job creation, good for the economy, and good for businesses, GE included.”

In announcing the budget agreement reached with House Speaker Brendan Sharkey and Senate President Martin Looney, Malloy touted the investments the budget makes in transportation.

“The bottom line is clear,” Malloy said in a press release. “This budget makes historic investments in transportation. We need to tackle the issue like never before, because for too long, we weren’t transforming our infrastructure – at all. This budget is good for businesses, good our economy, and good for our quality of life. Connecticut residents deserve no less than the best statewide transportation system in America – and that’s what we plan to give them.

“Forget the noise, and ignore the rhetoric. If there’s one issue people should focus on, it’s that with this budget – which keeps the sales tax flat and couples it with property tax relief – people will see improvements in their transportation like they’ve never seen before.”

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