On December 3, 2013 Governor Malloy signed Executive Order No. 38, establishing a searchable online database detailing information about certain tax credits and incentives used for job creation and retention.
Visit the database here.
Tax expenditures are exemptions, deductions, credits, preferential or lesser rates, or other mechanisms that lower the amount of tax revenue that would otherwise be collected. Tax expenditures are similar to direct appropriations in that they provide a direct benefit to certain entities at a cost to the state; in this case the cost is reduced tax revenue. Unlike appropriations, tax expenditures are not reviewed and adjusted annually by the legislature. Combined, tax expenditures cost the state more than $5 billion annually. It is the position of the comptroller’s office that such a large state expense deserves regular legislative and public scrutiny.