Research and Development (R&D) spending dropped 2% in Connecticut in 2009, reports Fred Carstensen, the director of UConn’s Center of Economic Analysis, according to the Hartford Business Journal. Money spent on R&D today lays the foundation for new companies and future jobs. A related concern is that Connecticut’s major companies are spending their R&D dollars in other states and nations, Connecticut Technology Council CEO Matthew Nemerson stated.
Connecticut, like many other states, offers tax credits for R&D spending. But over $1 billion in credits go unclaimed, Carstensen stated. Consequently, he proposes allowing companies to cash in their credits to build new facilities here.
