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Insurers Spur $72 Million In Private Investment in Connecticut

"With the changes that we made to the Insurance Reinvestment Tax Credit program, there will be a much-needed infusion of investment dollars into our state to support business formation and growth, as well as strengthen our high-tech work force," Gov. Rell said. "I expect that this program will be paying important economic dividends for years to come."

Seventy-two million dollars will be invested in Connecticut companies under a revamped state program that uses insurance companies’ money as a quasi-private venture capital fund.

Gov. M Jodi Rell is lauding the program, which was expanded earlier this year as part of the state’s jobs bill. In exchange for their investments, insurance companies receive credits toward their premium taxes which are normally paid to the state of Connecticut.

Ken St. Onge

Full Story: http://blogs.courant.com/connecticut_insurance/2010/12/insurers-spur-72-million-in-pr.html

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