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94 Doing Business in Connecticut | 2015 Shaping Connecticut's Future By Joe Brennan, president and CEO of the Connecticut Business & Industry Association A n exciting campaign is under- way in Connecticut. Launched in March 2014, with support growing to include more than 80 business, professional, and community organizations, CT20x17 is a cause born from the need to move Connecticut into the top 20 for busi- ness rankings by 2017. e CT20x17 coali- tion is working with state policymakers to make Connecticut an economically dynamic state. We believe that we get there by creating strong public policy that not only empha- sizes our strengths but works at improving certain areas of our business climate. Here are just a few of the proposals that the 20x17 initiative is focusing on to leverage the state's assets and develop policy alterna- tives to address our challenges. Fiscal Policy Progress Business leaders know that a state's fiscal condition has a major impact on decisions about where, when, and whether to invest. With the creation of the Tax Review Committee, Connecticut has the ability to enhance the state's economic competitive- ness by implementing a fair tax code that fosters healthy, sustainable economic growth. e state has begun adopting policies that enhance efficiencies while reducing costs, and has made moves to pay down the state's unfunded liabilities, reducing the long-term debt by $11.6 billion, or 15.2%, over the last three years as of April 2014. Businesses want to feel confident about a state's fiscal situation. Improving the state's tax structure and continuing to pay down long-term debt will give businesses the confi- dence they need to grow in Connecticut. Connecticut must also ensure that key economic drivers such as incentives for investments in research and development (R&D), electronic data processing equip- ment, and fixed capital remain economic generators for the state. Since 2011, incentives such as the research and development and fixed capital tax credits have produced more than $17.5 billion in direct investments in the economy. A Great Workforce Connecticut ranks third in the percentage of residents with advanced degrees, and our workforce is known for its productivity. Connecticut rates highly in numerous industry- specific rankings, including finance and insurance jobs (sec- ond), manufacturing productiv- ity (ninth), and science, technol- ogy, engineering, and mathematics jobs (15th). Education and industry are already working together to determine what skills will be needed now and in the future. As we continue to make strides in aligning business needs with educa- tional criteria, our efforts will guarantee that Connecticut graduates won't have to look very far to find career opportunities. Transforming Transportation Although Connecticut is in an older part of the country and faces an aging in- frastructure, Governor Malloy is committed to transforming our highways, roads, ports, rail, and airports, and creating the best trans- portation infrastructure in the region. However, how the state gets there is the question. CT20x17 supports a constitutional amendment to ensure that dollars that go into the Special Transportation Fund are used only for transportation investments. Once that's accomplished, the state can move forward to improve our infrastructure. Regulating Regulations Many state agencies, with input from the business community, have acted to reduce the regulatory burden on the private sector. e state took another step by eliminating more than 1,000 pages of regulations last year. One of the most dramatic examples of improvement has come from the state De- partment of Energy and Environmental Pro- tection (DEEP), which is making a concerted effort to advance a more business friendly operational strategy. rough this effort, the department has been able to reduce the time it takes to issue certain permits by 75%. By creating regulations that are simple, certain, and consistent with federal regula- tions, Connecticut can continue to build upon the steps it's already taken to make doing business in the state easier and more efficient. Working Together Now is the time to work together to harness our strengths, build on them, and overcome some of our challenges. e state is coming off its best year for job creation in over a decade, adding over 25,000 positions in 2014, and businesses are eager to add to that growth. CT20x17 is so much larger than any one association or one business; it's about creating an opportunity for everyone to be successful. It's working together, in a bipartisan fashion, and having a thoughtful conversa- tion about what it takes and why it's im- portant to make Connecticut one of the country's best states for business. Only once we've done that can we un- lock the enormous economic potential that's here in Connecticut. ❑ Targeting 20 A new initiative works to boost Connecticut's national business ranking PHOTO/CBIA ' Now is the time to work together to harness our strengths, build on them, and overcome some of our challenges. ' — Joe Brennan, president and CEO, Connecticut Business & Industry Association