SB 262 — AN ACT CONCERNING CERTAIN REPORTING REQUIREMENTS OF THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT.

General Assembly   RaisedSubstitute Bill No.

262 February Session, 2018   LCO*_____SB00262CE____032718____* No.AN ACT CONCERNING CERTAIN REPORTING REQUIREMENTS OF THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT.

1802   *01802_______CE_* Referred to Committee on COMMERCE   Introduced by:

  (CE)   AN ACT CONCERNING CERTAIN REPORTING REQUIREMENTS OF THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT.

Such report shall include, but not be limited to, the following information with regard to the activities of the Department of Economic and Community DevelopmentDevelopment, and[and to business [assistanceassistance or] business assistance programs administered by Connecticut Innovations, Incorporated and tax incentive programs not administered by the department, during the preceding state fiscal year:

(4) An analysis of each business [assistanceassistance or[or incentive program, including any business tax credit or abatement program, grant, loan, forgivable loan or other form of assistance,] program administered by Connecticut Innovations, Incorporated and each tax incentive program enacted for the purpose of improving economic development,development [, that (A) (i)(i)] and not administered by the department that (A) had ten or more recipients of assistance in the preceding state fiscal year, or (ii)[(ii)] (B) credited, abated or distributed more than one million dollars in the preceding state fiscal year,year. and (B) is not administered by the department.

[, and (B) is not administered by the department.] The analysis shall include:

(i) An overview of the business [assistanceassistance or]or tax incentive program and an analysis of its estimated economic effects on the state's economy;

[, including, for each program where such data is available, the number of new jobs created and the estimated impact of such program on annual state revenues;] (ii) An analysis of whether the statutory and programmatic goals of each business [assistanceassistance or]or tax incentive program are being met, with obstacles to such goals identified, if possible;

(iii) Recommendations as to whether any such existing business [assistanceassistance or]or tax incentive program should be continued, modified or repealed and the basis or bases for such recommendations, and any recommendations for additional data collection by the state to better inform future evaluations of such programs;

(c) On[On or before March 1, 2018, and annually thereafter,thereafter] Not later than sixty days after the submission of a report by the Auditors of Public Accounts pursuant to section 2-90c, the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies, finance, revenue and bonding and commerce shall hold, individually or jointly, one or more public hearings on such report and the analyses included in the annual report under subdivisions (3)[(3)] (2) and (5)[(5)] (4) of subsection (a) of this section.

6 October 1, 2018 Repealer section StatementCE ofJoint Purpose:Favorable Subst.

To require the Department of Economic and Community Development to include in its annual report information on tax incentive programs administered by other state agencies, but not all business assistance programs administered by other agencies, and to eliminate the Sports Advisory Board report and a certain workforce development report.

[Proposed deletions are enclosed in brackets.

Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]