Bridgewater, a large and high-performing hedge fund, will get $135 million in "state support" to move its headquarters to Stamford, Conn. from Westport, Conn. A press release from the governor of Connecticut, Dannel Malloy, announces:
State support for the project will come from the Next Five program, which is administered by the Department of Economic and Community Development (DECD). The assistance includes:
A $25 million forgivable loan at a rate of 1% for a term of ten years to be used for the construction of the new facility
A job training grant of up to $5 million
A grant of up to $5 million for the installation of alternative energy systems
Up to $80 million in Urban and Industrial Sites Reinvestment Tax Credits.
I'm sure plenty of other Connecticut residents would like $135 million from the state government for their businesses' new headquarters, but they aren't as rich or as well-connected. A better policy would be the same low tax rates for everyone, rather than high tax rates that politicians can grant relief from while claiming credit for "economic development" by moving jobs from one municipality to another within the same state.