MassMutual To Give Up Millions In Connecticut Incentive With Move To Springfield

(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.

This site uses cookies, tokens, and other third party scripts to recognize visitors of our sites and services, remember your settings and privacy choices, and — depending on your settings and privacy choices — enable us and some key partners to collect information about you so that we can improve our services and deliver relevant ads.

By continuing to use our site or clicking Agree, you agree that CBS and our key partners may collect data and use cookies for personalized ads and other purposes, as described more fully in our privacy policy. You can change your settings at any time by clicking Manage Settings.