(CBS Connecticut) — Because of its announced pullout from Connecticut, MassMutual is expected to lose millions of dollars in state tax credits.
The life insurer announced yesterday that it will move its Enfield-based workers to Springfield, Massachusetts.
Connecticut Department of Economic and Community Development Commissioner Catherine Smith today said that under a 2014 incentive package, the life insurance company had to grow employment in the state to collect the tax breaks.
“They had tax credits worth about $13-million that they would earn over 10 years. This would have been the first year for them to be eligible for tax credits,” Smith said. “Given their decision I think it is pretty clear in our contract that they would no longer be eligible.”
MassMutual is now being lured to Massachusetts by a $46-million incentive package from the Bay State.