Why would GE announce a move from one high-taxed state to another?
Last year, when Connecticut's Governor Dan Malloy announced a new corporate tax, major corporate residents bristled. When Connecticut officials approved the politically-divided state budget in June, GE announced it would form a...
...site selection committee in search of new corporate digs.
GE’s announcement that it was leaving Connecticut last week was no surprise. But a relocation to Boston interested many. Why would GE shift from one high-tax state to another? The answer is simple. Connecticut hasn’t created a robust technological business ecosystem yet.
To create the right ecosystem, Massachusetts—long known for its high taxes—has cut its corporate rate in recent years and actively recruits tech companies. Its premier universities, significant venture capital community, and its technologically-savvy workforce help round it all out.
These are precisely the reasons why the Westchester County Association has been aggressively pushing its BLUEPRINT for Westchester economic development plan. The idea is to advance Westchester County as an innovation hub in healthcare and biosciences, and to nurture the further growth of an economic ecosystem.
Business needs a friendly and collaborative environment in which to operate; they need willing partners in higher education and government. More importantly, business also needs an educated and skilled workforce, and that workforce needs housing that’s affordable and in proximity to create the right live-work-play environment.
Ultimately, GE fled one highly-taxed state for another in search of a better business environment and skilled workforce, which is exactly what we’re aggressively advocating for in Westchester County.