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A representative of Boehringer Ingelheim recently testified before the Finance, Revenue and Bonding Committee of the Connecticut House in support of raising the tax credit from 50 percent to 70 percent of total taxes due.
Boehringer Ingelheim Pharmaceuticals Inc is a German-based company with a location in Ridgefield.
State Reps. Dan Carter (R-Bethel, Danbury and Redding) and Stephen Harding (R-Brookfield, Bethel and Danbury), both members of the Committee and representatives of countless employees at Boehringer Ingelheim's Ridgefield facility, agreed that this bill will highly benefit their districts, as well as the State of Connecticut, and collaboratively offered their support. The bill, H.B. 5595, An Act Concerning the Research and Development Tax Credit, would allow recipients of research and development tax credits to claim up to seventy percent back from their total tax due.
It is set to take effect on July 1, 2016, and will be applicable to income years commencing on or after January 1, 2016. It currently awaits a decision of whether or not to raise it to the House and Senate for consideration.
“At a time when so many companies across the state are restructuring their businesses or considering relocating in light of Connecticut’s budget epidemic, this bill could be the small – yet deciding – factor that keeps our economic leaders open, established and expanding in our state,” said Rep. Carter.
Rep. Harding added, “The state didn’t even add half the amount of jobs that the Department of Labor predicted would be created last year. Where else do we have to look for proof that our economy is suffering? I will not sit by and watch my constituents slowly lose their jobs. Boehringer Ingelheim is a strong employer in our district, and I support this initiative to credit them for their continued efforts and milestones in research and development.”
The local Boehringer Ingelheim Pharmaceuticals, Inc. facility is in Ridgefield but has said (according to the attached video recording of the testimony) that if budget constraints were to become intolerable, and relocation hypothetically became necessary, other states like Virginia could easily be made an alternative to Connecticut.
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