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New London economy surging amid Connecticut comeback

New London economy surging amid Connecticut comeback
One company is investing over $150 million building new housing throughout southeastern Connecticut. All this development because of an exciting economic future
Author: Tony Terzi
Updated: 5:42 PM EDT April 7, 2021
NEW LONDON, Conn. Gov. Ned Lamont addressed the East Connecticut Chamber of Commerce s virtual breakfast Wednesday morning with news that the state s economic growth was one of the best in the country over the 4th quarter of 2020, behind only Utah, Texas and South Dakota.
After the breakfast, he visited New London, where the economy is surging.
A brand-new apartment complex in Shaw s Cove, which is part of the over $800 million in commercial investment already in the pipeline in the city’s re-development, hosted the press conference. ....

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CT Restaurant Association backs tax retention bill

The Connecticut Restaurant Association has thrown its support behind a bipartisan state bill that would allow restaurants and caterers to hold onto 1% of the tax on meals and beverages for one year.
Under the terms of the proposal, known as HB 6673, restaurants and caterers would continue to collect the current 7.35% meals and beverages tax but would only need to pass 6.35% on to the state between July 1, 2021 to June 30, 2022.
The bill would not raise the meals and beverages tax on consumers.
The one-year period is designed to ease financial pressure on eateries and the events planning sector, which have been adversely affected by COVID-19-related social distancing and occupancy restrictions, according to supporters. ....

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The Day - Ban on flavored tobacco is worth revenue loss - News from southeastern Connecticut

Published April 06. 2021 4:25PM
A bill that would prohibit the selling of flavored cigarettes, tobacco products, e-cigarettes, and vapor products appears to have momentum in the General Assembly. But could a report by the Office of Fiscal Analysis that warns of a substantial loss in tax revenue derail legislation? We certainly hope not.
Manufacturers produce flavored tobacco and e-cigarette products to make smoking and vaping more attractive, particularly to young people. Once addicted, they become reliable customers. Quitting is possible, of course, but it is not easy.
That is why these products should be banned.
From 2017-2019, e-cigarette use among high school students more than doubled to 1 in 4, and 83% of them are using flavored products, according to the Campaign for Tobacco Free Kids. These products come in a wide variety of youth-friendly flavors, such as cotton candy, strawberry shortcake, peanut butter, etc. Likewise, cigars targeted at teens and young ....

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Connecticut receives first bond rating upgrade in 20 years

Connecticut receives first bond rating upgrade in 20 years
March 31, 2021
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HARTFORD, Conn. (AP) Connecticut on Wednesday received its first credit rating upgrade in two decades, prompting Democrat Gov. Ned Lamont to proclaim the state is “emerging as a financial leader among the states.”
Moody s Investor Services upgraded the state s general obligation bond rating one notch, from A1 to Aa3, citing the state s “significant budgetary reserves and good financial performance through the pandemic.”
The major rating agency noted that Connecticut s budget reserve fund estimated to end the year with $3.7 billion is “critical” to mitigating the state s “heavy debt and retiree benefit liabilities, which are among the highest of all states.” ....

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Connecticut reserves prompt first upgrade in 20 years

Connecticut reserves prompt first upgrade in 20 years
bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.

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