Here’s How Much Malloy Could Have Taxpayers Pay Infosys to Bring 1,000 Jobs to StateMarch 14, 2018
On Wednesday, Dan Malloy touted an Infosys announcement that the company's bringing 1,000 jobs to Hartford by 2022. Taxpayers will pay up as Infosys hits 1,000, though.
Gov. Dan Malloy (D-Conn.) excitedly announced the technology company Infosys will bring 1,000 jobs to Hartford by 2022, more than three years from now.
"I am thrilled to welcome @Infosys to #CT and congratulate them on their decision to establish a Technology and Innovation Hub in #Hartford. #CT's tremendous assets and talent pipeline continue to attract high caliber companies to the state." –Governor Malloy
— Governor Dan Malloy (@GovMalloyOffice) March 14, 2018
But taxpayers will pay a price.
From Malloy’s press release:
As part of the company’s establishment of the hub in Hartford, the Connecticut Department of Economic and Community Development (DECD) will provide up to $12 million in grants after certain job creation milestones are met through Governor Malloy’s First Five Plus Program. In addition, the company is eligible to receive up to $2 million in training grants to support partnerships the company creates with local education organizations. State funding will be used for the purchase of computer and office equipment, leasehold improvements, and training. The company is also eligible for additional assistance if they significantly exceed 1,000 jobs, and the incentives in place can support up to 2,000 jobs.
It’s another example of the state paying companies to create jobs in Connecticut. This deal, at a minimum, amounts to taxpayers footing around $12,000 for each job created in the state by Infosys.
Of course, Malloy’s “First Five” deals don’t always go as planned. His deal with Alexion Pharmaceuticals, a “First Five” company, fell through last year, after Alexion announced it was moving jobs from Connecticut to Massachusetts.
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