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offshoring

Offshoring is the practice of locating some of a company’s manufacturing, services, or other processes in a country other than the country where the company is based. Offshoring is typically done to access lower-cost labor resources, labor resources with specific skills, and infrastructure, such as manufacturing plants.

In Connecticut, there is no specific state statute that directly addresses the practice of offshoring. However, federal laws and international trade agreements may influence how a Connecticut-based company engages in offshoring. Companies in Connecticut, like those in other states, often offshore to take advantage of lower labor costs, specialized labor skills, and infrastructure abroad. While offshoring can lead to cost savings for companies, it may also result in domestic job losses, which can be a concern for state policymakers. At the federal level, tax laws, trade agreements, and regulations may impact the offshoring decisions of companies. For instance, the Tax Cuts and Jobs Act of 2017 introduced changes to the tax code that affect the taxation of foreign income, which could influence offshoring activities. Additionally, trade policies and tariffs can also play a role in a company's decision to offshore operations. Connecticut businesses considering offshoring must comply with all relevant federal laws and international agreements.

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offshoring

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Connecticut State Code

Connecticut State Code

Business

offshoring

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