Connecticut 2024 Regular Session Status: Enacted Bipartisan · 2 D · 1 R cosponsors

HB 5299 — AN ACT CONCERNING THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT'S RECOMMENDATIONS FOR REVISIONS TO THE JOBSCT PROGRAM AND THE COMMERCE AND RELATED STATUTES.

Last action — SIGNED BY GOVERNOR

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 28, 2024. Enacted.

Signed by Governor Ned Lamont (Democratic) on June 06, 2024.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 94% · high confidence

  • Enacted

    Current position in the legislative process.

  • 4 sponsors

    4 primary, 0 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (2 D · 1 R) — cross-party backing.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Bill Text

What changed in the latest version

1869 added · 887 removed

1869 line(s) added, 887 removed.

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House of Representatives General Assembly File No.
Substitute House Bill No.
442 February Session, 2024 Substitute House Bill No.
5299 Public Act No.
5299 House of Representatives, April 11, 2024 The Committee on Commerce reported through REP.
24-149 AN ACT CONCERNING THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT'S RECOMMENDATIONS FOR REVISIONS TO THE JOBSCT PROGRAM AND THE COMMERCE AND RELATED STATUTES.
MESKERS of the 150th Dist., Chairperson of the Committee on the part of the House, that the substitute bill ought to pass.
AN ACT CONCERNING THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT'S RECOMMENDATIONS FOR REVISIONS TO THE JOBSCT PROGRAM AND THE COMMERCE STATUTES.
sHB5299 / File No.
(3) "Distressed municipality" has the same meaning as provided in section 32-9p;
442 1 sHB5299 File No.
(4) "Full-time equivalent" or "FTE" means the number of employees employed at a qualified business, calculated in accordance with Substitute House Bill No.
442 (3) "Distressed municipality" has the same meaning as provided in section 32-9p;
5299 subsection (d) of this section;
(4) "Full-time equivalent" or "FTE" means the number of employees employed at a qualified business, calculated in accordance with subsection (d) of this section;
The commissioner may issue guidance on sHB5299 / File No.
The commissioner may issue guidance on the implementation of this definition;
442 2 sHB5299 File No.
(10) "New FTEs created" means the number of new FTEs that the Public Act No.
442 the implementation of this definition;
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(10) "New FTEs created" means the number of new FTEs that the qualified business is employing at a point-in-time at the end of the relevant time period;
5299 qualified business is employing at a point-in-time at the end of the relevant time period;
(15)"Qualified FTE" meansanFTE who ispaidqualified wagesof (A) at least eighty-five per cent of the median household income for the location where the FTE position is primarily located, scaled in proportion to the FTE fraction, or [thirty-seven thousand five hundred dollars] the product of one hundred twenty per cent of the minimum fair wage, as defined in section 31-58, on the date a qualified business submits an application to the commissioner for a rebate pursuant to subsection (c) of this section multiplied by two thousand hours, scaled in proportionto theFTE fraction, whichever is greater,or (B) at leastone hundred per cent of the median household income for the municipality with the lowest median household income of all municipalities that are contiguous to the municipality where the FTE position is primarily located, scaled in proportion to the FTE fraction, or one hundred per sHB5299 / File No.
(15) "Qualified FTE" means an FTE who is paid qualified wages [of] in an amount that is not less than at least one of the following amounts:
442 3 sHB5299 File No.
(A) [at] At least eighty-five per cent of the median household income for the location where the FTE position is primarily located, scaled in proportion to the FTE fraction, or [thirty-seven thousand five hundred dollars] the product of one hundred twenty per cent of the minimum fair wage, as defined in section 31-58, on the date a qualified business submits an application to the commissioner for a rebate pursuant to subsection (c) of this section multiplied by two thousand hours, scaled in proportionto theFTE fraction, whichever is greater,or (B) at leastone hundred per cent of the median household income for the municipality with the lowest median household income of all municipalities that are contiguous to the municipality where the FTE position is primarily Public Act No.
442 cent of the state-wide median household income, scaled in proportion to the FTE fraction, whichever is greater;
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5299 located, scaled in proportion to the FTE fraction, or one hundred per cent of the state-wide median household income, scaled in proportion to the FTE fraction, whichever is greater;
(b) There is established a JobsCT tax rebate program under which qualified businesses that create jobs in this state, in accordance with the provisions of this section, may be allowed a tax rebate, which shall be sHB5299 / File No.
Public Act No.
442 4 sHB5299 File No.
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442 treated as a credit against the tax imposed under chapter 208 or 228z or as an offset of the tax imposed under chapter 207.
5299 (b) There is established a JobsCT tax rebate program under which qualified businesses that create jobs in this state, in accordance with the provisions of this section, may be allowed a tax rebate, which shall be treated as a credit against the tax imposed under chapter 208 or 228z or as an offset of the tax imposed under chapter 207.
Each qualified business making an application shall satisfy the requirements of this subdivision, as determined by the commissioner, to be eligible for the JobsCT tax rebate program, except that if the commissioner determines that the applicant is not reasonably able to satisfy the targets and metrics under subparagraph (A) of this subdivision, the commissioner may substitute another requirement or metric similar in intent to the requirement or metric such applicant was determined to not be able to reasonably satisfy.
Each qualified business making an application shall satisfy the requirements of this subdivision, as determined by the commissioner, Public Act No.
sHB5299 / File No.
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5299 to be eligible for the JobsCT tax rebate program, except that if the commissioner determines that the applicant is not reasonably able to satisfy the targets and metrics under subparagraph (A) of this subdivision, the commissioner may substitute another requirement or metric similar in intent to the requirement or metric such applicant was determined to not be able to reasonably satisfy.
442 (3) The commissioner, upon consideration of an application and any additional information, may approve an application in whole or in part or may approve an application with amendments.
(3) The commissioner, upon consideration of an application and any additional information, may approve an application in whole or in part or may approve an application with amendments.
(5) The commissioner may combine approval of an application with the exercise of any of the commissioner's other powers, including, but not limited to, the provision of other financial assistance.
(5) The commissioner may combine approval of an application with Public Act No.
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5299 the exercise of any of the commissioner's other powers, including, but not limited to, the provision of other financial assistance.
(7) The commissioner shall issue a rebate allocation notice stating the maximum amount of each rebate available to an approved qualified sHB5299 / File No.
(7) The commissioner shall issue a rebate allocation notice stating the maximum amount of each rebate available to an approved qualified business for the rebate period and the specific terms that such business shall meet to qualify for each rebate.
442 6 sHB5299 File No.
442 business for the rebate period and the specific terms that such business shall meet to qualify for each rebate.
(e) (1) In each calendar year of the rebate period, a qualified business approvedbythecommissionerpursuanttosubdivision(3)ofsubsection (c) of this section that employs at least twenty-five new FTEs in this state or, if at least one of the new FTEs is an individual with intellectual disability, fifteen new FTEs in this state by December thirty-first of the calendar year that is two calendar years prior to the calendar year in which the rebate is being claimed shall be allowed a rebate equal to the greater of the following amounts:
(e) (1) In each calendar year of the rebate period, a qualified business approvedbythecommissionerpursuanttosubdivision(3)ofsubsection (c) of this section that employs at least twenty-five new FTEs in this state or, if at least one of the new FTEs is an individual with intellectual disability, fifteen new FTEs in this state by December thirty-first of the Public Act No.
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5299 calendar year that is two calendar years prior to the calendar year in which the rebate is being claimed shall be allowed a rebate equal to the greater of the following amounts:
(i) The lesser of (I) the new FTEs created in an opportunity zone or distressed municipality on December thirty-first of the calendar year that is two calendar years prior to the calendar year in which the rebate isbeing claimed, or(II)thenewFTEsmaintainedinanopportunityzone or distressed municipality in the previous calendar year, [(III) the new FTEs created by a qualified business employing at least one new FTE who is an individual with intellectual disability, or (IV) the new FTEs sHB5299 / File No.
(i) The lesser of (I) the new FTEs created in an opportunity zone or distressed municipality on December thirty-first of the calendar year that is two calendar years prior to the calendar year in which the rebate isbeing claimed, or(II)thenewFTEsmaintainedinanopportunityzone or distressed municipality in the previous calendar year, [(III) the new FTEs created by a qualified business employing at least one new FTE who is an individual with intellectual disability, or (IV) the new FTEs maintained by a qualified business employing at least onenewFTE who is an individual with intellectual disability,] multiplied by fifty per cent of the income tax that would be paid on the average wage of the new FTEs, as determined by the applicable marginal rate set forth in chapter for an unmarried individual based solely on such wages;
442 7 sHB5299 File No.
442 maintained by a qualifiedbusiness employing at least onenewFTE who is an individual with intellectual disability,] multiplied by fifty per cent of the income tax that would be paid on the average wage of the new FTEs, as determined by the applicable marginal rate set forth in chapter 229 for an unmarried individual based solely on such wages;
(i) One thousand dollars multiplied by the lesser of (I) the new FTEs createdbyDecemberthirty-firstofthecalendaryearthatistwocalendar years prior to the calendar year in which the rebate is being claimed, or (II) the new FTEs maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed;
(i) One thousand dollars multiplied by the lesser of (I) the new FTEs createdbyDecemberthirty-firstofthecalendaryearthatistwocalendar years prior to the calendar year in which the rebate is being claimed, or (II) the new FTEs maintained in the calendar year immediately prior to Public Act No.
or (ii)For tax creditsearned,claimed or payable prior to January 1, 2024, twothousanddollarsmultipliedbythelesserof(I)thenew FTEscreated by December 31, 2022, or (II) the new FTEs maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed.
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5299 the calendar year in which the rebate is being claimed;
or (ii)For tax creditsearned,claimed or payable prior to January 1,2024, twothousanddollarsmultipliedbythelesserof(I)thenewFTEscreated by December 31, 2022, or (II) the new FTEs maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed.
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sHB5299 / File No.
(3) In no event shall an approved qualified business receive a rebate under this subsection in any calendar year of the rebate period if such business has not maintained, in the calendar year immediately prior to the calendar year in which the rebate is being claimed, at least (A) twenty-five new FTEs, or (B) fifteen new FTEs, if at least one of the new FTEs is an individual with intellectual disability.
442 8 sHB5299 File No.
442 (3) In no event shall an approved qualified business receive a rebate under this subsection in any calendar year of the rebate period if such business has not maintained, in the calendar year immediately prior to the calendar year in which the rebate is being claimed, at least (A) twenty-five new FTEs, or (B) fifteen new FTEs, if at least one of the new FTEs is an individual with intellectual disability.
(f) (1) In each calendar year of the rebate period, a qualified business approvedbythecommissionerpursuanttosubdivision(4)ofsubsection (c) of this section that employs at least twenty-five new discretionary FTEs in this state by December thirty-first of the calendar year that is twocalendaryearspriortothecalendaryearinwhichtherebateisbeing claimed shall be allowed a rebate equal to the sum of the amount calculated pursuant to subdivision (1) of subsection (e) of this section and the greater of the following:
(f) (1) In each calendar year of the rebate period, a qualified business Public Act No.
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5299 approvedbythecommissionerpursuanttosubdivision(4) ofsubsection (c) of this section that employs at least twenty-five new discretionary FTEs in this state by December thirty-first of the calendar year that is twocalendaryearspriortothecalendaryearinwhichtherebateisbeing claimed shall be allowed a rebate equal to the sum of the amount calculated pursuant to subdivision (1) of subsection (e) of this section and the greater of the following:
and sHB5299 / File No.
and (ii) The lesser of the new discretionary FTEs (I) created on December thirty-first of the calendar year that is two calendar years prior to the calendar year in which the rebate is being claimed, or (II) maintained in a location other than an opportunity zone or distressed municipality in the previous calendar year, multiplied by twenty-five per cent of the income tax that would be paid on the average wage of the new discretionary FTEs, as determined by the applicable marginal rate set forth in chapter 229 for an unmarried individual based solely on such wages;
442 9 sHB5299 File No.
442 (ii) The lesser of the new discretionary FTEs (I) created on December thirty-first of the calendar year that is two calendar years prior to the calendar year in which the rebate is being claimed, or (II) maintained in a location other than an opportunity zone or distressed municipality in the previous calendar year, multiplied by twenty-five per cent of the income tax that would be paid on the average wage of the new discretionary FTEs, as determined by the applicable marginal rate set forth in chapter 229 for an unmarried individual based solely on such wages;
(i) Seven hundred fifty dollars multiplied by the lesser of the new discretionary FTEs (I) created by December thirty-first of the calendar year that is two calendar years prior to the calendar year in which the rebate is being claimed, or (II) maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed;
(i) Seven hundred fifty dollars multiplied by the lesser of the new discretionary FTEs (I) created by December thirty-first of the calendar Public Act No.
or (ii)For tax creditsearned,claimed or payable prior to January 1, 2024, onethousandfivehundreddollarsmultipliedbythelesserof(I)thenew FTEs created by December 31, 2022, or (II) the new FTEs maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed.
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5299 year that is two calendar years prior to the calendar year in which the rebate is being claimed, or (II) maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed;
or (ii)For tax creditsearned,claimed or payable prior to January 1,2024, onethousandfivehundreddollarsmultipliedbythelesserof(I)thenew FTEs created by December 31, 2022, or (II) the new FTEs maintained in the calendar year immediately prior to the calendar year in which the rebate is being claimed.
(3) In no event shall an approved qualified business receive a rebate under this subsection in any calendar year of the rebate period if such business hasnot maintainedat least twenty-five newdiscretionary FTEs in the calendar year immediately prior to the calendar year in which the sHB5299 / File No.
(3) In no event shall an approved qualified business receive a rebate under this subsection in any calendar year of the rebate period if such business hasnot maintainedat least twenty-five newdiscretionary FTEs in the calendar year immediately prior to the calendar year in which the rebate is being claimed.
442 10 sHB5299 File No.
442 rebate is being claimed.
(2) Notwithstanding the provisions of subdivision (4) of subsection (c) of this section, the commissioner may not approve an application in whole or in part if the full amount of rebates that such applicant may be paid pursuant to subsection (f) of this section would result in the aggregate amount of rebates issued pursuant to subsection (f) of this section exceeding fifteen million dollars in any fiscal year.
(2) Notwithstanding the provisions of subdivision (4) of subsection Public Act No.
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5299 (c) of this section, the commissioner may not approve an application in whole or in part if the full amount of rebates that such applicant may be paid pursuant to subsection (f) of this section would result in the aggregate amount of rebates issued pursuant to subsection (f) of this section exceeding fifteen million dollars in any fiscal year.
Any information sHB5299 / File No.
Any information provided under this subsection shall be subject to audit by the Department of Economic and Community Development.
442 11 sHB5299 File No.
(j) Not later than March fifteenth of each year during the rebate period, the Department of Economic and Community Development shall issue the approved qualified business a rebate voucher that sets forth the amount of the rebate, as calculated pursuant to subsections (e) and (f) of this section, and the taxable year against which such rebate Public Act No.
442 provided under this subsection shall be subject to audit by the Department of Economic and Community Development.
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(j) Not later than March fifteenth of each year during the rebate period, the Department of Economic and Community Development shall issue the approved qualified business a rebate voucher that sets forth the amount of the rebate, as calculated pursuant to subsections (e) and (f) of this section, and the taxable year against which such rebate may be claimed.
5299 may be claimed.
(1) "Administrative costs" means the costs paid or incurred by the administrator of the Community Investment Fund 2030 Board sHB5299 / File No.
(1) "Administrative costs" means the costs paid or incurred by the administrator of the Community Investment Fund 2030 Board established under subsection (b) of this section, including, but not limited to, allocated staffcosts and other out-of-pocket costsattributable to the administration and operation of the board;
442 12 sHB5299 File No.
442 established under subsection (b) of this section, including, but not limited to, allocated staffcosts and other out-of-pocket costsattributable to the administration and operation of the board;
(3) "Eligible project" means:
Public Act No.
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5299 (3) "Eligible project" means:
lesbian, gay, bisexual, transgender and queer persons and other persons sHB5299 / File No.
lesbian, gay, bisexual, transgender and queer persons and other persons comprising the LGBTQ+ community;
442 13 sHB5299 File No.
442 comprising the LGBTQ+ community;
and (4) "Municipality" means a municipality designated as a public investment community pursuant to section 7-545 or as an alliance district pursuant to section 10-262u.
and Public Act No.
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5299 (4) "Municipality" means a municipality designated as a public investment community pursuant to section 7-545 or as an alliance district pursuant to section 10-262u.
(2) All initial appointments shall be made not later than sixty days sHB5299 / File No.
(2) All initial appointments shall be made not later than sixty days after June 30, 2021.
442 14 sHB5299 File No.
The terms of the members appointed by the Public Act No.
442 after June 30, 2021.
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The terms of the members appointed by the Governor shall be coterminous with the term of the Governor or until their successors are appointed, whichever is later.
5299 Governor shall be coterminous with the term of the Governor or until their successors are appointed, whichever is later.
(C) to review and provide comments to the Department of Economic and Community Development on projects funded through the state's Economic Action Planasprovidedunder section32-4p;
(C) to review and provide comments to the Department of Economic and Community Development on projects funded through the state's Economic Action Public Act No.
and(D)toperformsuchotheracts as may be necessary and appropriate to carry out its duties described in sHB5299 / File No.
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442 15 sHB5299 File No.
5299 Planasprovidedunder section32-4p;
442 this section.
and(D)toperformsuchotheracts as may be necessary and appropriate to carry out its duties described in this section.
The board shall give additional priority to an application submitted by a municipality that includes a letter of support for the proposed eligible project from a member or members of the General Assembly in whose district the eligible project is or will be located.
The board shall give additional priority to an application Public Act No.
(B) In evaluating applications for an eligible project described in sHB5299 / File No.
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442 16 sHB5299 File No.
5299 submitted by a municipality that includes a letter of support for the proposed eligible project from a member or members of the General Assembly in whose district the eligible project is or will be located.
442 subparagraph (A)(ii) of subdivision (3) of subsection (a) of this section, the board shall (i) [evaluate the risk of default on the repayment of a proposed loan or financing, (ii)] consider the impact of the eligible projectonjobcreationorretentioninthemunicipality, [(iii)](ii)consider the impact of the eligible project on blighted properties in the municipality, and [(iv)] (iii) consider the overall impact of the eligible project on the community.
(B) In evaluating applications for an eligible project described in subparagraph (A)(ii) of subdivision (3) of subsection (a) of this section, the board shall (i) [evaluate the risk of default on the repayment of a proposed loan or financing, (ii)] consider the impact of the eligible projectonjobcreationorretentioninthemunicipality, [(iii)](ii)consider the impact of the eligible project on blighted properties in the municipality, and [(iv)] (iii) consider the overall impact of the eligible project on the community.
and (ii) For each eligible project described in subparagraph (A)(ii) of subdivision (3) of subsection (a) of this section, a description of and specific terms for any proposed loans, financing or start-up funds to be provided from such grant-in-aid, the types of small businesses located or to be located in the municipality that may be eligible for such loan, financing or start-up funds, the amount of the grant-in-aid sought and theapplicablefiscalyeartowhichsuchdisbursementwillbeattributed.] (B)The Governor shallreviewtheeligibleprojectsonthelist andmay sHB5299 / File No.
and (ii) For each eligible project described in subparagraph (A)(ii) of Public Act No.
442 17 sHB5299 File No.
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442 recommend changes to any eligible project on the list.
5299 subdivision (3) of subsection (a) of this section, a description of and specific terms for any proposed loans, financing or start-up funds to be provided from such grant-in-aid, the types of small businesses located or to be located in the municipality that may be eligible for such loan, financing or start-up funds, the amount of the grant-in-aid sought and theapplicablefiscalyeartowhichsuchdisbursementwillbeattributed.] (B)The Governor shallreviewtheeligibleprojectsonthelist andmay recommend changes to any eligible project on the list.
(6) Not later than August 31, 2023, the board shall submit a report, in accordance with the provisions of section 11-4a, to the General Assembly, the Black and Puerto Rican caucus of the General Assembly, the Auditors of Public Accounts and the Governor, for the preceding fiscal year, that includes (A) a list of the eligible projects recommended by the board and approved by the Governor pursuant to this section, (B) the total amount of funds provided for such eligible projects, (C) for each such eligible project, a description of the project and the amounts and terms of the funds provided, (D) the status of the project and any balance remaining of the allocated funds, and (E) any other information the board deems relevant or necessary.
(6) Not later than August 31, 2023, the board shall submit a report, in accordance with the provisions of section 11-4a, to the General Assembly, the Black and Puerto Rican caucus of the General Assembly, the Auditors of Public Accounts and the Governor, for the preceding fiscal year, that includes (A) a list of the eligible projects recommended by the board and approved by the Governor pursuant to this section, (B) the total amount of funds provided for such eligible projects, (C) for Public Act No.
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5299 each such eligible project, a description of the project and the amounts and terms of the funds provided, (D) the status of the project and any balance remaining of the allocated funds, and (E) any other information the board deems relevant or necessary.
(7) The Auditors of Public Accounts shall audit, on a biennial basis, all eligible projects funded under this section and shall report their sHB5299 / File No.
(7) The Auditors of Public Accounts shall audit, on a biennial basis, all eligible projects funded under this section and shall report their findings to the Governor, the Secretary of the Office of Policy and Management and the General Assembly.
442 18 sHB5299 File No.
442 findings to the Governor, the Secretary of the Office of Policy and Management and the General Assembly.
T1 Fiscal Year Ending June 30, Amount T2 2023 $175,000,000 T3 2024 175,000,000 T4 2025 175,000,000 T5 2026 175,000,000 T6 2027 175,000,000 T7 Total $875,000,000 (2) The proceeds of the sale of bonds set forth in this subsection shall be used for the purpose of funding eligible projects for which the Governor has determined under subsection (c) of this section that bond fundingisappropriateandthatnootherbondauthorizationisavailable.
Fiscal Year Ending June 30, Amount $175,000,000 175,000,000 175,000,000 175,000,000 Public Act No.
(e) (1) Upon the agreement of the Governor and the Community Investment Fund 2030 Board, and subsequent to the adoption of a resolution by the General Assembly affirming the reauthorization of the board and the program provided for under this section, the State Bond sHB5299 / File No.
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442 19 sHB5299 File No.
5299 175,000,000 Total $875,000,000 (2) The proceeds of the sale of bonds set forth in this subsection shall be used for the purpose of funding eligible projects for which the Governor has determined under subsection (c) of this section that bond fundingisappropriateandthatnootherbondauthorizationisavailable.
442 Commission may authorize the issuance of bonds of the state, in accordance with the provisions of section 3-20, in principal amounts not exceeding in the aggregate one billion two hundred fifty million dollars.
(e) (1) Upon the agreement of the Governor and the Community Investment Fund 2030 Board, and subsequent to the adoption of a resolution by the General Assembly affirming the reauthorization of the board and the program provided for under this section, the State Bond Commission may authorize the issuance of bonds of the state, in accordance with the provisions of section 3-20, in principal amounts not exceeding in the aggregate one billion two hundred fifty million dollars.
T8 Fiscal Year Ending June 30, Amount T9 2028 $250,000,000 T10 2029 250,000,000 T11 2030 250,000,000 T12 2031 250,000,000 T13 2032 250,000,000 T14 Total $1,250,000,000 (2) The proceeds of the sale of bonds set forth in this subsection shall be used for the purpose of funding eligible projects for which the Governor has determined under subsection (c) of this section that bond fundingisappropriateandthatnootherbondauthorizationisavailable.
Fiscal Year Ending June 30, Amount $250,000,000 250,000,000 250,000,000 250,000,000 250,000,000 Public Act No.
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5299 Total $1,250,000,000 (2) The proceeds of the sale of bonds set forth in this subsection shall be used for the purpose of funding eligible projects for which the Governor has determined under subsection (c) of this section that bond fundingisappropriateandthatnootherbondauthorizationisavailable.
All bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of sHB5299 / File No.
All bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.
442 20 sHB5299 File No.
442 the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.
The state, acting by and in the discretion of the Commissioner of Economic and Community Development, may enter into a contract for state financial assistance for any eligible economic or community development project in the form of a grant-in-aid.
The state, acting by and in the discretion of the Commissioner of Economic and Community Development, may enter into a contract for state financial assistance for any eligible economic or Public Act No.
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5299 community development project in the form of a grant-in-aid.
sHB5299 / File No.
Sec.
442 21 sHB5299 File No.
4.
442 This act shall take effect as follows and shall amend the following sections:
Section 32-1b of the 2024 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
Section 1 from passage 32-7t Sec.
(a) There is established a Department of Economic and Community Development.
2 from passage 32-285a Sec.
The department head shall be the Commissioner of EconomicandCommunityDevelopment,whoshallbeappointedbythe Governor in accordance with the provisions of sections 4-5 to 4-8, inclusive, with the powers and duties prescribed in said sections 4-5 to 4-8, inclusive.
3 from passage 4-66c(d) Statement of Legislative Commissioners:
(b) Said department shall constitute a successor department to the Department of Economic Development in accordance with the provisions of sections 4-38d, 4-38e and 4-39.
In Section 1(c)(2), "meet" was changed to "satisfy" for internal consistency.
[(c) Whenever the term "Commissioner of Economic Development" is used or referred to in the general statutes, the term "Commissioner of Public Act No.
CE Joint Favorable Subst.
24-149 23 of 60 Substitute House Bill No.
-LCO sHB5299 / File No.
5299 Economic and Community Development" shall be substituted in lieu thereof.
442 22 sHB5299 File No.
Whenever the term "Department of Economic Development" is used or referred to in the general statutes, the term "Department of Economic and Community Development" shall be substituted in lieu thereof.
442 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.
(d) If the term "Commissioner of Housing" or "Commissioner of Economic Development" is used or referred to in any public or special act of 1995 or 1996, or in any section of the general statutes which is amended in 1995 or 1996, it shall be deemed to mean or refer to the "Commissioner of Economic and Community Development".
In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.
(e) If the term "Department of Housing" or "Department of Economic Development" is used or referred to in any public or special act of 1995 or 1996, or in any section of the general statutes which is amended in or 1996, it shall be deemed to mean or refer to the "Department of Economic and Community Development".] (c) Said department shall constitute a successor to CTNext in accordance with the provisions of subsections (a) to (d), inclusive, and subsection (f) of section 4-38d and sections 4-38e and 4-39.
Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.
(d) Wherever the term"CTNext", other than the term "CTNext Fund", is used in any public or special act of 2024, the term "Department of Economic and Community Development" shall be substituted in lieu thereof.
OFA Fiscal Note State Impact:
(e) The Legislative Commissioners' Office shall, in codifying the provisions of this section, make such technical, grammatical and punctuation changes as are necessary to carry out the purposes of this section.
None Municipal Impact:
Sec.
None Explanation The bill makes a number of changes that do not result in any fiscal impact to the state or municipalities.
5.
Section 1, which makes several clarifying and substantive changes affecting the JobsCT tax rebate program, does not result in any fiscal impact.
Section 32-39f of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
It does not alter the aggregate $40 million cap on the amount of credits allowed annually, and current projections (January 16, 2024, Consensus Revenue) assume full credit utilization each fiscal year.
Public Act No.
Section 2, which eliminates grants-in-aid to create small business revolving loan programs as an eligible project under the Community Investment Fund (CIF), does not result in any fiscal impact.
24-149 24 of 60 Substitute House Bill No.
To date, the CIF Board has approved one award for a small business revolving loan program but has not yet completed the final contract for that award.
5299 (a) [Connecticut Innovations, Incorporated shall establish a subsidiary, to beknown as CTNext.] As used in this section and sections 32-39g, as amended by this act, 32-39i, as amended by this act, 32-39k to 32-39o, inclusive, as amended by this act, 32-39t, as amended by this act, 32-39x, as amended by this act, and 32-39y, unless the context otherwise requires:
Due to the administrative burden involving the review of applications for these types of projects, it is unlikely that the CIF Board would approve any additional loan programs in future CIF rounds.
(1) "Anchor institution" means an entity having a significant and stable presence in the community, including, but not limited to, an institution of higher education, hospital, major corporation, research institution, business incubator or business accelerator;
1 Section 3, which modifies the process for funding projects through the Urban Act bond program, does not result in any fiscal impact.
(2) "Commissioner" means the Commissioner of Economic and Community Development;
The provision is clarifying in nature and conforms the process to past 1March 5, 2024 Testimony of Commissioner O’Keefe, Department of Economic and Community Development.
(3) "Department" means the Department of Economic and Community Development;
sHB5299 / File No.
(4) "Designated innovation place" means an area designated as an innovation place pursuant to section 32-39m, as amended by this act;
442 23 sHB5299 File No.
(5) "Entity" means a corporation, association, partnership, limited liability company, benefit corporation, nonprofit organization, municipality, institution of higher education or any other similar entity;
442 practice.
(6) "Growth stage business" means a business (A) that has been incorporated for ten years or less, (B) that has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of the three preceding income years of such business;
The Out Years State Impact:
(7) "Innovation entity" means an entity whose application for innovation place designation is approved by the commissioner pursuant to section 32-39m, as amended by this act;
None Municipal Impact:
(8) "Innovation place" has the same meaning as described in section Public Act No.
None sHB5299 / File No.
24-149 25 of 60 Substitute House Bill No.
442 24 sHB5299 File No.
5299 32-39k, as amended by this act;
442 OLR Bill Analysis sHB 5299 AN ACT CONCERNING THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT'S RECOMMENDATIONS FOR REVISIONS TO THE JOBSCT PROGRAM AND THE COMMERCE STATUTES.
(9) "Master plan" means the plan submitted to the commissioner pursuant to subsection (c) of section 32-39l, as amended by this act;
SUMMARY This bill makes several changes affecting the JobsCT tax rebate program, including the following:
(10) "Municipality" means any town, city, consolidated town and city or consolidated town and borough;
1.
(11) "New Haven Line" means the rail passenger service operated between New Haven and intermediate points and Grand Central Station, including the Danbury, Waterbury and New Canaan branch lines;
establishes a two-year lookback period for calculating a business’s number of new full-time equivalents (FTEs), rather than a lookback to January 1, 2020, as current law requires;
(12) "Public transit" means the New Haven Line, Shore Line East, the New Haven-Hartford-Springfield rail line and the New Britain to Hartford busway and any planned expansion of such busway;
2.
and (13) "Shore Line East" means the rail service operating between New Haven and New London.
adds new options for determining the wage requirements a business must meet to receive a rebate;
(b) The department may use any funds available in the CTNext Fund established under section 32-39i, as amended by this act, for the following purposes:
3.
(1)[The primary purpose ofCTNext shall beto]To foster andoversee the growth and continuous improvement of a state-wide entrepreneurial ecosystem and infrastructure that is supportive of Connecticut innovators and entrepreneurs and to initiate changes to practices that the [CTNext board of directors] commissioner deems to be outdated to improve such ecosystem and infrastructure;
allows the Department of Economic and Community Development (DECD) commissioner to substitute another requirement or metric similar in intent to a requirement or metric that he determines the applicant cannot reasonably meet;
[to] (2) To maintain an active and conspicuous presence at all nodes of such ecosystem and infrastructure and continuously increase connections between such nodes;
and 4.
[and] [to] (3) To regularly reassess the health of such ecosystem and Public Act No.
changes how rebates are calculated for businesses employing at least one new FTE who is a person with intellectual disability.
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The bill also delays, from January 1, 2024, to January 1, 2025, the requirement for DECD to post on its website specified information about JobsCT (e.g., information about rebates for employing people with intellectual disability).
5299 infrastructure, identify [its] their changing needs, adopt initiatives or adapt existing initiatives to meet such needs and regularly inform the General Assembly of such needs by proposing recommended legislation deemed necessary or desirable by the [CTNext board of directors.] commissioner;
Separately, the bill eliminates Community Investment Fund 2030 (CIF) funding for grants that are proposed by municipalities, sHB5299 / File No.
[(2) The further purposes of CTNext shall be to] (4) To support the growth of start-up and growth stage businesses;
442 25 sHB5299 File No.
[to] (5) To promote entrepreneur community-building;
442 community development corporations, or nonprofit corporations.
[to] (6) To connect start-up and growth stage business entrepreneurs with other start-up and growth stage business entrepreneurs and with state, federal and private resources;
Under current law, these entities must use the grants to give certain loans to small businesses.
[to] (7) To facilitate the establishment of innovation places and incubator facilities and the development, growth and evolution of innovation places and incubator facilities individually and in mutually supportive connections to other innovation places and incubator facilities;
The bill also eliminates the (1) prohibition on Urban Act economic development projectsbeing undertakenbefore theDECDcommissioner approves plans, specifications, and estimated costs and (2) requirement that DECD adopt regulations as needed to implement the Urban Act provisions.
[to] (8) To facilitate mentorship for start-up and growth stage business entrepreneurs;
(The department adopted regulations in 1984 but has not amended them since then.) It instead requires the commissioner to establish the terms and conditions of any grant-in-aid contract for an Urban Act economic development project and allows him to make any stipulation in connection with the contract (§ 3).
[to] (9) To provide technical training and resources to start-up and growth stage businesses and entrepreneurs;
The bill also makes technical and conforming changes.
[to] (10) To facilitate innovation and entrepreneurship at institutions of higher education;
EFFECTIVE DATE:
and [to] (11) To identify areas in which current practices and policies at such institutions of higher education are not realizing their full potential.
Upon passage § 1 — JOBS CT The JobsCT tax rebate program allows companies in specified industries (e.g., manufacturing and bioscience) to earn rebates against the corporation business, pass-through entity (PE), and insurance premiums taxes for reaching certain job creation targets.
[(3) CTNext shall do all things necessary and proper to carry out the purposes set forth in subdivisions (1) and (2) of this subsection.
Under existing law, a business’s rebate is based on (1) the number of new FTEs created or maintained, (2) their average wage, and (3) the state income tax that a single filer would pay on this average wage.
Public Act No.
Generally, it equals 25% of the average state income tax that these employees would pay, multiplied by the number of employees.
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FTE Definition By law, new FTEs are those that did not exist in the state when the business applied to the DECD commissioner for acceptance into the program.
5299 (4) CTNext shall not be an employer, as defined in section 5-270.
Under current law, the definition excludes, among other things, FTEs hired to replace FTEs that existed in the state after January 1, 2020.
Connecticut Innovations, Incorporated shall establish CTNext pursuant to the provisions of section 32-11e, except that at least half of the members of the CTNext board of directors shall not be required to be members of the board of directors of Connecticut Innovations, Incorporated or their designees or officers or employees of the corporation.
sHB5299 / File No.
No further action is required for the establishment of the subsidiary, except the adoption of a resolution for the subsidiary.
442 26 sHB5299 File No.
CTNext shall constitute a successor authority to Connecticut Innovations, Incorporated in accordance with the provisions of sections 4-38d, 4-38e and 4-39, for the purposes of the powers in subdivisions (22), (28) and (40) of section 32-39 transferred from Connecticut Innovations, Incorporated to CTNext pursuant to section 32-39.
442 The bill eliminates this exclusion and instead excludes FTEs hired to replace those that existed in the state in the two-year period immediately before the date the business submits its rebate application.
(b) CTNext shall be overseen by a board of directors, which shall be known as the CTNext board of directors or the CTNext board.
Wage Requirements Under current law, to qualify as a new FTE, an employee must be paid wages sourced to the state (i.e., qualified wages) of at least 85% of the median household income for the location where the position is primarily based or $37,500, whichever is greater.
The CTNext board of directors shall consist of twelve members, at least half of whom shall be serial entrepreneurs representing a diverse range of growth sectors ofthe Connecticut economy.
The bill replaces this requirement with two alternatives:
By education or experience, such members shall be qualified in one or more of the following:
1.
Start- up business development, growth stage business development, investment, innovation place development, urban planning and technology commercialization in higher education.
the greater of (a) 85% of median household income for the FTE’s primary location or (b) 120% of the state minimum wage on the date the business applies to DECD for a rebate, multiplied by 2,000 hours (e.g., $37,656 in 2024), or 2.
The CTNext board shall consist of the following members:
the greater of (a) at least 100% of the median household income for the municipality with the lowest median household income ofallmunicipalitiescontiguousto theposition’sprimary location or (b) 100% of statewide median household income.
(1) One appointed by the Governor for an initial term of two years;
Alternative Metrics The law requires the DECD commissioner, when reviewing a business’s JobsCT application, to determine whether the (1) business can reasonably meet the hiring targets and other metrics stated in the application and (2) proposed job growth would (a) provide a net benefit to economic development and employment opportunities in the state and (b) exceed a baseline number of jobs.
(2) one appointed by the speaker of the House of Representatives for an initial term of two years;
(The bill changes this baseline from the number that existed before January 1, 2020, to the number that existed before the two-year period prior to the business’s program application.) Under current law, the business must meet each of these requirements to be eligible for the rebate program.
(3) one appointed by the president pro tempore of the Senate for an initial term of two years;
The bill allows the DECD commissioner, when he determines that a business cannot sHB5299 / File No.
(4) one appointed by the majority leader of the House of Representatives for an initial term of one year;
442 27 sHB5299 File No.
(5) one appointed by the majority leader of the Senate for an initial term of one year;
442 reasonably meet metrics and FTE hiring targets in its program application, to substitute another requirement or metric similar in intent to the requirement or metric the applicant could not reasonably meet.
(6) one appointed by the minority leader of the House of Representatives for an initial term of one year;
People With Intellectual Disability The bill changes the rebate calculation for companies employing at least one new FTE who is a person with intellectual disability.
(7) one appointed by the minority leader of the Senate for an initial term of one year;
Under current law, if the business creates and maintains at least 15 new FTEs and at least one of these FTEs is a person with intellectual disability, the business qualifies for a 50% rebate for new FTEs (rather than the program’s standard 25% rate), based on the state income tax that would be paid by the new FTEs.
(8) two Public Act No.
The bill eliminates this provision and instead allows businesses meeting the above criteria to claim an additional rebate for each person with intellectual disability (i.e., DECD would calculate the business’s overall rebate amount for new FTEs and then add an additional rebate based on each new FTE with intellectual disability).
24-149 28 of 60 Substitute House Bill No.
Under the bill, the additional rebate equals 25% of the calendar year wages paid to each of these people.
5299 jointly appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding for an initial term of two years;
The bill also allows these additional rebates to exceed the program’s rebate cap of $5,000 per new FTE.
and (9) the executive director of Connecticut Innovations, Incorporated, the Commissioner of Economic and Community Development and the Chief Workforce Officer, each of whom shall serve ex officio.
§ 2 — COMMUNITY INVESTMENT FUND 2030 By law, the CIF is a five-year bonding program running through FY to fund “eligible projects” in certain municipalities (i.e., those designated as public investment communities or alliance districts).
Thereafter, all members shall be appointed by the original appointing authority for two-year terms.
Eligible projects may be proposed by a municipality, community development corporation, or nonprofit corporation and must further consistent and systematic fair, just, and impartial treatment of all individuals Under current law, CIF may fund, as an eligible project, grants for (1) a revolving loan program, microloans, or gap financing to small businesses located within an eligible municipality or (2) start-up funds to establish a small business there.
Any member of the board shall be eligible for reappointment.
The bill eliminates CIF awards for this purpose.
Any vacancy occurring other than by expiration of term shall be filled in the same manner as the original appointment for the balance of the unexpired term.
sHB5299 / File No.
The appointing authority for any member may remove such member for misfeasance, malfeasance, wilful neglect of duty or failure to attend three consecutive board meetings.
442 28 sHB5299 File No.
For the purposes of this section, "serial entrepreneur" means an entrepreneurhavingbroughtoneormorestart-upbusinessestoventure capital funding by an institutional investor and "growth stage business" means a business (A) that has been incorporated for ten years or less, (B) that has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of thethree previous income years of such business.
442 The bill also makes technical and conforming changes (e.g., repealing language about the conditions proposed loans must meet).
(c)All initialappointmentsto theboardofdirectorsshallbemade not later than September 1, 2016.
The law, unchanged by the bill, also allows CIF awards for projects that promote economic or community development in eligible municipalities.
The chief executive officer of Connecticut Innovations, Incorporated shall be the chairperson of the board until January 1, 2019.
BACKGROUND Related Bill sSB 456, reported favorably by the Finance, Revenue and Bonding Committee, requires that projects identified in 10-year plans to reduce concentrated poverty in specified Census tracts be given priority for CIF awards.
On and after January 1, 2019, the chairperson of the board shall be a member of the CTNext board of directors elected by said board to serve for two-year terms.
COMMITTEE ACTION Commerce Committee Joint Favorable Yea 24 Nay 0 (03/26/2024) sHB5299 / File No.
The chief executive officer of Connecticut Innovations, Incorporated shall remain a member of said board.
442 29
The CTNext board shall meet at least quarterly, and at such other times as the chairperson deems necessary.
(d) Members of the CTNext board of directors may not designate a representative to perform in their absence their respective duties under Public Act No.
24-149 29 of 60 Substitute House Bill No.
5299 this section or section 32-39g.
(e) The chairperson shall, with the approval of the members of the CTNext board of directors, appoint an executive director of CTNext who shall be an employee of CTNext and paid a salary prescribed by the members.
The executive director shall supervise the administrative affairs and technical activities of CTNext in accordance with the directives of the board.
(f) Each member of the CTNext board of directors shall serve without compensation but shall be entitled to reimbursement for such member's actual and necessary expenses incurred in the performance of such member's official duties.
(g) Members may engage in private employment, or in a profession or business, subject to any applicable laws, rules and regulations of the state regarding official ethics or conflict of interest.
(h) A majority of the directors of the CTNext board then seated shall constitute a quorum for the transaction of any business or the exercise of any power of CTNext.
For the transaction of any business or the exerciseofanypoweroftheauthority,andexceptasotherwiseprovided in this section or section 32-39g, the CTNext board may act by a majority of the members present at any meeting at which a quorum is in attendance.
(i) CTNext shall continue as long as it has obligations outstanding and until its existence is terminated by law, provided no such termination shall affect any outstanding contractual obligation of CTNext and the state shall succeed to the obligations of CTNext under any contract.
Upon the termination of the existence of CTNext, all its rights and properties shall pass to and be vested in Connecticut Innovations, Incorporated.
(j) Notwithstanding any provision of the general statutes, it shall not Public Act No.
24-149 30 of 60 Substitute House Bill No.
5299 constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a member of the CTNext board of directors, provided such trustee, director, partner, officer or individual shall abstain from deliberation, action or vote by the board in specific respect to such person, firm or corporation.
All members shall be deemed public officials and shall otherwise adhere to the code of ethics for public officials set forth in chapter 10, except that no member shall be required to file a statement of financial interest as described in section 1-83.] Sec.
6.
Section 32-39g of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
[(a)] For the purposes enumerated in subsection [(a)] (b) of section 32- 39f, as amended by this act, [CTNext is authorized and empowered to] the commissioner may:
[(1) (A) Employ such assistants, agents and other employees as may be necessary or desirable who shall not be employees, as defined in subsection (b) of section 5-270;
(B) establish all necessary or appropriate personnel practices and policies, including personnel practices and policies relating to hiring, promotion, compensation, retirement and collective bargaining, which need not be in accordance with chapter 68 but may be in accordance with the personnel practices and policies of Connecticut Innovations, Incorporated;
and (C) engage consultants, attorneys and appraisers as may be necessary or desirable to carry out its purposes in accordance with this section;
(2) Receive and accept grants or contributions from any source of money, property, labor or other things of value, to be held, used and applied to carry out the purposes of this section subject to such conditions upon which such grants and contributions may be made, including, but not limited to, grants or contributions from any Public Act No.
24-149 31 of 60 Substitute House Bill No.
5299 department, agency or instrumentality of the United States or this state for any purpose consistent with this section;] [(3)] (1) Make and enter into all contracts and agreements necessary or incidental to the performance of [its] the commissioner's duties and the execution of [its] the commissioner's powers under this section, including contracts and agreements for such professional services as [CTNext] the commissioner deems necessary, including, but not limited to, financial consultant and technical specialists;
[(4) Procure insurance against any liability or loss in connection with its property and other assets, in such amounts and from such insurers as it deems desirable, and procure insurance for employees;] [(5)] (2) Account for and audit funds of [CTNext] the department and funds of any recipients of funds from [CTNext] the department;
[(6)] (3) Establish advisory committees [to assist in accomplishing its] to provide counsel and advice on the discharge of the commissioner's duties under this section;
[, which may include one or more members of the CTNext board of directors and persons other than members;] [(7)] (4) Serve as a resource to start-up and growth stage business entrepreneurs in this state by (A) providing counseling and technical assistance in the areas of entrepreneurial business planning and management, financing and marketing for start-up and growth stage businesses;
and (B) conducting business workshops, seminars and conferences with local partners, including, but not limited to, in-state public and independent institutions of higher education, municipal governments, regional economic development districts, private industry, chambers of commerce, small business development organizations and economic development organizations;
[(8)] (5) Facilitate partnerships between innovative start-up and growth stage businesses, research institutions and venture capitalists or Public Act No.
24-149 32 of 60 Substitute House Bill No.
5299 financial institutions;
[(9)] (6) Increase the quantity and availability of capital for start-up and growth stage businesses and entrepreneurs including, but not limited to, angel investors and venture capitalists;
[(10)] (7) Promote technology-based development in the state;
[(11)] (8) Encourage and promote the establishment of and, within available resources, provide financial aid to advanced technology centers;
[(12)] (9) Maintain an inventory of data and information concerning state and federal programs that are related to the purposes of this section and serve as a clearinghouse and referral service for such data and information;
[(13)] (10) Promote and encourage and, within available resources, provide financial aid for the establishment, maintenance and operation of incubator facilities and innovation places;
[(14)] (11) Promote and encourage the coordination of public and private resources and activities within the state in order to assist technology-based business entrepreneurs and business enterprises;
[(15)] (12) Promote science, engineering, mathematics and other disciplines that are essential to the development and application of technology;
[(16)] (13) Coordinate [its] the department's efforts with existing business outreach centers, as described in section 32-9qq;
[(17)] (14) Provide financial aid to persons developing smart buildings, as defined in section 32-23d, incubator facilities or other information technology intensive office and laboratory space;
Public Act No.
24-149 33 of 60 Substitute House Bill No.
5299 [(18)] (15) Coordinate the development and implementation of strategies regarding technology-based talent and innovation among state and quasi-public agencies, including the creation and administration of the Connecticut Small Business Innovation Research Office to act as a centralized clearinghouse and provide technical assistance to applicants in developing small business innovation research programs in conformity with the federal program established pursuant to the Small Business Research and Development Enhancement Act of 1992, P.L.
102-564, as amended from time to time, and other proposals;
[(19)] (16) Encourage the retention of younger generation start-up entrepreneurs in the state;
[(20)] (17) Promote entrepreneurship among students, faculty and alumni of institutions of higher education;
[(21)] (18) Make planning grants to entities seeking to apply for innovation place designation pursuant to section 32-39l, as amended by this act, provided each such entity demonstrates that its proposed innovation place meets the purposes set forth in section 32-39k, as amended by this act;
[(22)] (19) Encourage and promote the establishment of business accelerators;[,including,butnotlimitedto,asatelliteofamajornational business accelerator;] [(23)] (20) Make higher education entrepreneurship grants-in-aid recommended by the Higher Education Entrepreneurship Advisory Committee pursuant to section 32-39t, as amended by this act;
[(24) Develop and operate a state-wide service hub to deliver entrepreneurial support services to facilitate the implementation of any recommendations included in a report by the grant recipient under section 32-39q;] Public Act No.
24-149 34 of 60 Substitute House Bill No.
5299 [(25)] (21) Implement the provisions of section 32-39x, as amended by this act;
[and] [(26) Do all acts and things necessary or convenient to carry out the purposes of this section and the powers expressly granted by this section.
(b) CTNext shall:
(1) Develop a plan to facilitate stronger relationships between Connecticut businesses and institutions of higher education in order to support entrepreneurial research and entrepreneurial talent development;
(2) Create an informational Internet web site that (A) lists services, programs or events offered to entrepreneurs;
(B) serves as an online community for entrepreneurs;
(C) lists current research projects related to entrepreneurship and innovation being conducted by professors at institutions of higher education;
(D) provides information concerning innovation and entrepreneurial programming available at institutions of higher education, including, but not limited to, engineering, computer science and bioscience;
and (E) connects businesses seeking to buy Connecticut made products for their business inputs;
(3) Publicize such informational Internet web site and any workshops, seminars and conferences facilitated by CTNext;
(4) Advise the Governor, theGeneral Assembly, theCommissioner of Economic and Community Development, the president of The University of Connecticut and the president of the Connecticut State Colleges and Universities on matters relating to science, engineering and technology that may have an impact on state policies, programs, employers and residents, and on job creation and retention;] [(5)] (22) Designate innovation places pursuant to sections [32-39j] 32- Public Act No.
24-149 35 of 60 Substitute House Bill No.
5299 39k to 32-39m, inclusive, as amended by this act;
[(6) Annually develop, update and implement a strategic state-wide innovation and entrepreneurship marketing plan for the promotion of Connecticut as an innovation and entrepreneurship hub.
The executive director shall report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding, on or before February 1, 2017, and annually thereafter, concerning the content of such plan;] [(7)] (23) Establish a program to provide growth grants-in-aid to businesses in this state for the purposes of facilitating the growth of start-up businesses that have transitioned to growth stage businesses.
[CTNext] The department shall establish an application process for such grants-in-aid and shall prioritize such grants-in-aid for uses most likely to facilitate the growth of such businesses, including, but not limited to, sales assistance, marketing, strategy, organizational development, technology assistance, bid assistance, beta testing of products for new purchasers and prototype development.
Such grants-in-aid shall not exceed twenty-five thousand dollars per applicant and shall be conditioned upon a one-third match from the applicant;
and (24) Do all acts and things necessary or convenient to carry out the purposes of this section and the powers expressly granted by this section.
[(8) Connect entrepreneurs in innovation places designated pursuant to section 32-39m with existing municipal and state resources to assist such entrepreneurs with regulatory compliance;
and (9) Adopt a comprehensive program evaluation and measurement process to ensure that CTNext's programs are administered appropriately and efficiently, comply with statutory requirements, are Public Act No.
24-149 36 of 60 Substitute House Bill No.
5299 cost effective and are achieving the purposes set forth in section 32-39f.] Sec.
7.
Section 32-39i of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(a) For the purposes of this section, "administrator" means Connecticut Innovations, Incorporated in its capacity as administrator of the CTNext Fund established pursuant to this section.
(b) There is established a CTNext Fund, to be held, administered, invested anddisbursedby theadministrator.The fund shall contain any moneys required or permitted by law to be deposited in the fund, returns on loans or investments, recoveries of grants-in-aid made from the fund and [any] moneys received from any public or private contributions, gifts, grants, donations, bequests or devises to the fund.
Any balance remaining in the fund shall be carried forward in the fund for the fiscal year next succeeding.
(c) Any return on investment attributable to the investment of the fund by the administrator shall be deposited and held for the use and benefit ofthefund.
Moneysinor received for thefundmay bedeposited with and invested by any institution as may be designated by the administrator at its sole discretion and paid as the administrator shall direct.
The administrator may make payments from deposit and investment accounts for use in accordance with the provisions of this section.
(d) The CTNext Fund shall not be deemed an account within the General Fund and shall be used exclusively for the purposes provided in this section.
(e) The CTNext Fund [shall] may be used (1) to provide grants-in-aid to innovation entities, as defined in section [32-39j] 32-39f, as amended by this act, pursuant to section 32-39m, as amended by this act, (2) to provide planning grants-in-aid to entities pursuant to section 32-39l, as Public Act No.
24-149 37 of 60 Substitute House Bill No.
5299 amended by this act, (3) to initiate projects or provide grants-in-aid to projects that network innovation places pursuant to section 32-39m, as amended by this act, (4) for the purposes enumerated in sections 32-39f, as amended by this act, and 32-39g, as amended by this act, (5) for providing higher education entrepreneurship grants-in-aid pursuant to section 32-39g, as amended by this act, (6) to provide growth grants-in- aid pursuant to section 32-39g, as amended by this act, (7) [to provide a grant-in-aid for a program evaluation pursuant to section 32-39q, (8) to provide grants-in-aid to start-up businesses pursuant to section 32-39u, and (9)] to terminate the operations and activities of CTNext, (8) to pay to employees of CTNext any reasonable and appropriate severance compensation that was approved by the former CTNext board of directors prior to July 1, 2024, and (9) for any other purposes expressly provided by law.
(f) All expenditures from the CTNext Fund shall be approved by the [CTNext board of directors] commissioner.
Any such approval shall be specific to an individual expenditure to be made or for budgeted expenditures with such variations as the [CTNext board of directors] commissioner may authorize at the time of such budget approval.
(g) Connecticut Innovations, Incorporated shall provide any necessary staff, office space, office systems and administrative support for the administration of the CTNext Fund in accordance with this section.
In acting as administrator of the fund, the administrator shall have and may exercise all of the powers of Connecticut Innovations, Incorporated set forth in section 32-39, as amended by this act, provided expenditures from the fund shall be approved by the [CTNext board of directors] commissioner pursuant to subsection (f) of this section.
[(h) Beginning January 1, 2017, the administrator shall prepare for eachfiscalyear a plan ofoperationsandanoperating andcapital budget for the CTNext Fund.
Not later than ninety days prior to the start of the fiscal year, the administrator shall submit the plan and budget to the Public Act No.
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5299 CTNext board of directors for its review and approval.
(i) Not later than April 15, 2017, and annually thereafter, the administrator shall provide a report of the activities of the CTNext Fund to the CTNext board of directors for its review and approval.
Upon its approval of such report, the CTNext board of directors shall provide such report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance ofmattersrelatingtocommerceandfinance,revenueandbonding.Such report shall contain available information on the status and progress of the operations and funding of the CTNext Fund and the types, amounts and recipients of grants awarded.] Sec.
8.
Section 32-39k of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
[There is established] The commissioner may establish an innovation place program within [CTNext.
The] the department.
If such program is established, the purpose of such program [is] shall be to (1) foster innovation and entrepreneurship by facilitating the designation and establishment of innovation places consisting of one or more compact geographic areas within the same municipality having entrepreneurial and innovation potential where (A) existing anchor institutions, institutions, companies and recreational spaces are in close proximity to start-up and growth stage businesses, (B) public transit is accessible, (C) a significant portion of the underlying zoning allows for mixed-use development, including, but not limited to, housing, office and retail, and (D) foot traffic is facilitated;
(2) identify, designate and fund the initial costs associated with development of an innovation place;
(3) encourage collaboration among institutions of higher education, medical institutions, hospitals, existing companies, start-up and growth stage businesses, researchers and investors;
(4) encourage the leveraging of private investment in designated innovation places;
and (5) connect entrepreneurs who are facing similar opportunities and Public Act No.
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5299 challenges with other entrepreneurs and with private and public resources.
Sec.
9.
Section 32-39l of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(a) Connecticut Innovations, Incorporated [shall] may post on its Internet web site an application form, prescribed by Connecticut Innovations, Incorporated, for planning grants-in-aid awarded pursuant to subsection (b) of this section.
[Such] If posted, such application form shall state that applications for planning grants-in-aid shall be submitted to the [CTNext board] commissioner.
(b) Any entity may submit an application for a planning grant-in-aid to the [CTNext board] commissioner.
In addition to the initial round of applications, the [CTNext board] commissioner may accept such applications for consideration, on a schedule and in accordance with deadlines prescribed by the [board] commissioner, until the total amount authorized under this subsection has been awarded.
The [CTNext board] commissioner may extend the deadline for a planning grant-in-aid for up to sixty days.
The [CTNext board] commissioner may award planning grants-in-aid to applicants in an amount up tofifty thousand dollars per applicant.
Such planning grants-in-aid shall be proportionate to the anticipated grant-in-aid described in section 32- 39m, as amended by this act.
The total of all planning grants-in-aid awarded to applicants in the aggregate shall not exceed five hundred thousand dollars.
A planning grant-in-aid awarded pursuant to this section shall be used by an entity for the preparation of an application for innovation place designation.
(c) Any entity may submit an application for innovation place designation to the [CTNext board] commissioner.
In addition to the initial round of applications, the [CTNext board] commissioner may accept such applications for consideration, on a schedule and in Public Act No.
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5299 accordance with deadlines prescribed by the [board] commissioner.
Suchapplicationsshallbesubmittedonaformprescribedbythe [board] commissioner and shall contain sufficient information to establish that the proposed innovation place is suitable for the purposes set forth in section 32-39k, as amended by this act.
(1) Such application shall include:
(A) Information concerning the proposed geographical boundaries of the proposed innovation place, including, but not limited to, a map indicating the boundaries of the geographic areas within the municipality that make up the proposed innovation place;
(B) information concerning at least two anchor institutions located within the geographical boundaries of the proposed innovation place and how such anchor institutions have agreed to participate in the development of and activities within the proposed innovation place;
(C) a summary of existing and proposed transportation-related infrastructure within and around the geographical areas within the municipality that make up the proposed innovation place;
(D) a summary of existing and proposed businesses, recreational facilities, public parks and any other public or private gathering spaces located within the geographical areas within the municipality that make up the proposed innovation place;
(E) information concerning the walkability of the geographical areas within the municipality that make up the proposed innovation place;
(F) a master plan for the development of the proposed innovation place, including a plan for connecting the geographic areas within the municipality that make up the proposed innovation place to public transit via rail or bus, a plan for leveraging private investment and a proposed budget and timeline for use of any moneys granted by the [CTNext board] commissioner.
Such budget shall indicate priority for the expenditure of grant funds in the event that moneys granted are insufficient to cover the costs of the entire proposed budget;
(G) a list of municipal and state legislative action that may be required for the execution of such master plan;
(H) a letter of support from the chief Public Act No.
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5299 elected official of the municipality where the innovation place is proposed that shall include a statement that the legislative body of such municipality has, by majority vote, indicated its support for the proposed innovation place and for any municipal legislative action recommended in the master plan, provided a chief elected official may only submit a letter of support for one proposed innovation place located within the municipality;
(I) letters of support from private investors;
(J) information concerning consistency with the state plan of conservation and development adopted pursuant to chapter 297;
and (K) information concerning the capability of the applicant and other entities partnering with the applicant to implement and administer the master plan and how such partners will be involved in the implementation of such plan.
(2) A master plan may include, but need not be limited to, (A) plans for:
(i) Attracting and directing support to start-up and growth stage businesses;
(ii) development, in collaboration with private partners, of a business incubator, coworking space, business accelerator or public meeting space;
(iii) events and community building;
(iv) marketing and outreach;
(v) open space improvement;
(vi) housing development;
(vii) improvement oftechnology infrastructure,including,but not limitedto, broadband improvement;
(viii) bicycle paths;
and (ix) attracting anchor institutions, and (B) community letters of support from persons or entities other than the applicant.
(d) The [CTNext board shall] commissioner may screen all applications submitted to [it] the commissioner pursuant to subsection (c) of this section and [shall] may select therefrom a limited number of finalist applicants.
The [CTNext board] commissioner shall hold at least one public hearing on each application submitted by a finalist applicant.
Such hearing shall be held in the municipality where the proposed innovation place is to be located and shall consist of a presentation by the applicant finalist on its proposal and a public comment period.
The Public Act No.
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5299 [CTNext board] commissioner shall conduct a site walk of the geographic areas within the municipality that make up the proposed innovation place submitted by an applicant finalist.
The [chairperson of the CTNext board] commissioner shall give appropriate notice of such hearing.
The notice shall (1) state the time and place of the hearing to be held not fewer than ten days after the date of such notice, and (2) be posted in a conspicuous place in or near the office of the town clerk for the municipality where the proposed innovation place is to be located and posted on the Internet web site of such municipality, if available.
Applicants may submit revised applications to the [CTNext board] commissioner based on public comments received at such hearing.
Sec.
10.
Section 32-39m of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(a) Through the innovation place program [established pursuant to] described in section 32-39k, as amended by this act, the [CTNext board shall] commissioner may:
(1) Review and evaluate applications for innovation place designation submitted by entities pursuant to section 32-39l, as amended by this act.
(2) (A) Approve applications for innovation place designation and designate such approved applications as an innovation place.
Such approval may include modifications to an application, agreed to by the applicant, as a condition for approval thereof.
If no such application meets the purposes set forth in section 32-39k, as amended by this act, or the criteria set forth in this subdivision, the [board] commissioner shall not approve any application for innovation place designation.
Preference shall be given to applicants having (i) diverse partners, including, but not limited to, anchor institutions, (ii) partnerships with entities located within the proposed innovation place, and (iii) substantial private funding for expenses associated with the Public Act No.
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5299 development ofthe proposed innovation place in relation to the amount of grant moneys requested.
(B) Award grants-in-aid to innovation entities, within available funds, for the allowable grant expenses set forth in an agreement described in this subparagraph.
Prior to awarding any such grant-in- aid, the [CTNext board] commissioner shall (i) enter into an agreement with any such innovation entity concerning allowable grant expenses and the submission of an annual financial audit of grant expenditures to the [CTNext board] commissioner until all grant moneys have been expended by the innovation entity, provided any such audit shall be prepared by an independent auditor;
(ii) confirm that a significant portion of the underlying zoning of the proposed innovation place allows for mixed-use development, including, but not limited to, housing, office and retail;
and (iii) confirm that no portion of a grant-in- aid awarded to an innovation entity be given to an entity that is not part of the master plan for the innovation place.
If the [CTNext board] commissioner finds that any such grant-in-aid awarded is being used for purposes that are not in conformity with the expenses allowed pursuant to this section, the [CTNext board] commissioner may require repayment of such grant-in-aid.
(C) No application may be designated as an innovation place by the [CTNext board] commissioner unless such application (i) is consistent with the purposes set forth in section 32-39k, as amended by this act, (ii) is for a proposed innovation place where a significant portion of such proposed innovation place is located in an existing or proposed mixed- use zoning district, (iii) was prepared in collaboration with the local chamber of commerce or other industry association and the municipal economic development department, or similar municipal authority, of the municipality in which the proposed innovation place is located, and (iv) is approved by majority vote of the legislative body of the municipality in which the proposed innovation place is to be located.
Public Act No.
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5299 (D) In determining whether to approve an application for innovation place designation, the [CTNext board] commissioner shall consider, but such consideration shall not be limited to:
(i) Whether the entities partnering together to implement and administer the proposed master plan are of the quality to, and have demonstrated the commitment to, implement and administer the master plan in a manner sufficient to achieve the purposes set forth in section 32-39k, as amended by this act;
(ii) whether the geography of the proposed innovation place is sufficiently compact to achieve the purposes set forth in section 32-39k, as amended by this act;
(iii) whether the master plan is sufficient to achieve the purposes set forth in section 32-39k, as amended by this act, and whether such plan includes (I) sufficient measures to ensure walkability of the geographic areas within the municipality that make up the proposed innovation place;
(II) sufficient measures to enhance regular interpersonal interactions among residents, workers and visitors of the proposed innovation place;
(III) adequate and accessible public transportation;
and (IV) existing or proposed restaurants, affordable housing options, retail spaces and public spaces, indoor or outdoor, that provide adequate opportunity for interpersonal interaction;
(iv) the extent to which the master plan leverages private investment;
(v) self-sustainability of the innovation place after moneys granted by the [CTNext board] commissioner are fully expended;
(vi) whether the underlying zoning of the proposed innovation place providesfor,or willbeamendedto providefor,reducedminimum floor area for residential dwelling units;
and (vii) any other criteria the [CTNext board] commissioner determines is relevant for evaluating whether the proposed innovation place, if granted innovation place designation, will achieve the purposes set forth in section 32-39k, as amended by this act.
(E) The [CTNext board] commissioner shall report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to Public Act No.
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5299 commerce and finance, revenue and bonding on or before September thirtieth annually, regarding the grants-in-aid distributed pursuant to this section and concerning the operation and effectiveness of the innovation place program.
(3) Publicize and post on [its] the department's Internet web site the deadline for applications for innovation place designation pursuant to section 32-39l, as amended by this act.
(b) Through the innovation place program [established pursuant to] described in section 32-39k, as amended by this act, the [CTNext board] commissioner may initiate projects or provide grants-in-aid to entities for projects that network innovation places designated as such pursuant to subsection (a) of this section with one another.
Sec.
11.
Section 32-39o of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
The Commissioner of Economic and Community Development may forgive a portion of any state assistance received by a technology-based business and owed to the state if such business participates in a mentorship network established by [CTNext] the department.
The commissioner shall develop a formula to calculate such state assistance forgiveness based on the hours of mentorship provided by any such business.
Sec.
12.
Section 32-39t of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(a) [There shall be] The commissioner may establish a Higher Education Entrepreneurship Advisory Committee within [CTNext.
Such] the department.
If established, such committee shall consist of members appointed by the [CTNext board of directors] commissioner, including, but not limited to:
(1) An equal number of representatives of public and private institutions of higher education;
(2) one Public Act No.
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5299 baccalaureate student representative;
(3) one graduate student representative;
(4) one high school student who shall be a nonvoting member;
and (5) three serial entrepreneurs having experience as an entrepreneur in residence at an institution of higher education.
Such members shall be subject to term limits prescribed by the [CTNext board.
All initial appointments to the committee pursuant to this subsectionshallbemade notlaterthanJune1,2017]commissioner.Each member appointed by the commissioner shall hold office until a successor is appointed.
For the purposes of this section, "serial entrepreneur"meansanentrepreneur havingbrought oneor more start- up businesses to venture capital funding by an institutional investor.
(b) [The executive director of CTNext shall call the first meeting of the advisory committee not later than June 15, 2017.] The advisory group shall select chairpersons of the advisory group during [such] its initial meeting.
The advisory committee shall meet not less than quarterly [thereafter] after its initial meeting and at such other times as the chairperson deems necessary.
(c) No member of the advisory committee shall receive compensation for such member's service, except that each member shall be entitled to reimbursement for actual and necessary expenses incurred during the performance of such member's official duties.
(d) A majority of members of the advisory committee shall constitute a quorum for the transaction of any business or the exercise of any power of the advisory committee.
The advisory committee may act by a majority of the members present at any meeting at which a quorum is in attendance, for the transaction of any business or the exercise of any power of the advisory committee, except as otherwise provided in this section.
(e) Every member of the advisory committee shall be deemed a member of an advisory board for purposes of chapter 10.
Public Act No.
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5299 (f) Any institution of higher education, or partnership of one or more institutions of higher education, may submit an application for a higher education entrepreneurship grant-in-aid to the advisory committee, on a form prescribed by the advisory committee.
(g) The advisory committee [shall] may review applications for grants-in-aid submitted to it pursuant to this section.
The advisory committee may recommend approval of any such application to the [CTNext board of directors if it determines that the application is consistent with and in furtherance of the master plan for entrepreneurship at public and private institutions of higher education developed pursuant to section 32-39s.
The] commissioner.
For any such application reviewed by the advisory committee, the advisory committee shall give priority for grants-in-aid to applications (1) including collaborative initiatives between institutions of higher education, and (2) supporting individual institutions of higher education to develop alumni mentor networks, entrepreneurs-in- residence programs, university proof of concept funds and student business start-up accelerators, when such individual institutions demonstrate that such networks, programs, funds and accelerators are not feasible for operation across multiple institutions of higher education.
Sec.
13.
Section 32-39x of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(a) The [executive director of CTNext] commissioner may establish and operate an Entrepreneurs-in-Residence program that may replace and incorporate any similar program run by [CTNext] the department prior to July 1, 2018.
Such program may identify highly experienced entrepreneurs who have been involved in the successful creation of innovation-based start-up companies and early-state venture deals and retain their services to match them with entrepreneurs and companies in the [CTNext] department's network to provide advice and assistance.
Public Act No.
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5299 Such retention may be on a paid or volunteer basis, as agreed to by the entrepreneur-in-residence and the [CTNext board of directors] commissioner, except that an employee of [CTNext] the department who serves as an entrepreneur-in-residence shall serve on a voluntary basis.
(b) The [executive director of CTNext] commissioner may establish jointly with the chief executive officer of Connecticut Innovations, Incorporated a proof of concept fund to make investments or provide grants of up to one hundred thousand dollars to support commercialization activities that are relevant to key industries in the state.
Preference may be given to (A) such activities that are based on research conducted at institutions of higher education in the state, (B) making investments in companies involved in such research or commercialization efforts, or (C) both.
Such investments or grants shall be awarded on a competitive basis and any applicant for an investment or a grant under this subdivision shall demonstrate, in a form and manner prescribed by the executive director in consultation with the chief executive officer, such applicant's intent to commercialize aspects of such research.
A grant under this subdivision may be awarded directly to the applicant or to a company involved in such research or commercialization efforts.
Sec.
14.
Subsection (h) of section 32-35 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(h) The corporation shall provide funding for the operation of the Connecticut Small Business Innovation Research Office in accordance with subdivision [(18)] (15) of subsection (a) of section 32-39g, as amended by this act.
Sec.
15.
Subdivision (4) of section 32-39 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, Public Act No.
24-149 49 of 60 Substitute House Bill No.
5299 2024):
(4) To invest in, acquire, lease, purchase, own, manage, hold and dispose of real property and lease, convey or deal in or enter into agreements with respect to such property on any terms necessary or incidental to the carrying out of these purposes;
provided, however, (A) all such acquisitions of real property for the corporation's own use with amounts appropriated by the state to the corporation or with the proceedsofbonds supportedby thefullfaith andcredit ofthestate shall be subject to the approval of the Secretary of the Office of Policy and Management and the provisions of section 4b-23, and (B) upon termination of a lease executed on or before, May 1, 2016, for its main office, the corporation shall consider relocating such main office to a designated innovation place, as defined in section [32-39j] 32-39f, as amended by this act, and establishing a satellite office in one or more designated innovation places;
Sec.
16.
Subdivisions (22) to (45), inclusive, of section 32-39 of the general statutes are repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
[(22) To maintain an inventory of data and information concerning state and federal programs which are related to the purposes of this chapter andto serveasa clearinghouse andreferralservice forsuchdata and information, provided such power shall be transferred to CTNext on September 1, 2016;] [(23)] (22) To conduct and encourage research and studies relating to technological development;
[(24)] (23) To provide technical or other assistance and, within available resources, to provide financial aid to the Connecticut Academy of Science and Engineering, Incorporated, in order to further the purposes of this chapter;
Public Act No.
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5299 [(25)] (24) To recommend a science and technology agenda for the state that will promote the formation of public and private partnerships for the purpose of stimulating research, new business formation and growth and job creation;
[(26)] (25) To encourage and provide technical assistance and, within available resources, to provide financial aid to existing manufacturers and other businesses in the process of adopting innovative technology and new state-of-the-art processes and techniques;
[(27)] (26) To recommend state goals for technological development and to establish policies and strategies for developing and assisting technology-based companies and for attracting such companies to the state;
[(28) To promote and encourage and, within available resources, to provide financial aid for the establishment, maintenance and operation of incubator facilities, provided such power shall be transferred to CTNext on September 1, 2016;] [(29)] (27) To promote and encourage the coordination of public and private resources and activities within the state in order to assist technology-based entrepreneurs and business enterprises;
[(30)] (28) To provide services to industry that will stimulate and advance the adoption and utilization of technology and achieve improvements in the quality of products and services;
[(31)] (29) To promote science, engineering, mathematics and other disciplines that are essential to the development and application of technology;
[(32)] (30) To coordinate its efforts with existing business outreach centers, as described in section 32-9qq;
Public Act No.
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5299 [(33)] (31) To do all acts and things necessary and convenient to carry out the purposes of this chapter;
[(34)](32)To accept fromthedepartment:(A)Financialassistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the department, and (C) loan assets or equity interests in connection with any program under the supervision of the department;
to make advances to and reimburse the department for any expenses incurred or to be incurred by it in the delivery of such assistance, revenues, rights, assets, or interests;
to enter into agreements for the delivery of services by the corporation, in consultation with the department and the Connecticut Housing Finance Authority, to third parties, which agreements may include provisions for payment by the department to the corporation for the delivery of such services;
and to enter into agreements with the department or with the Connecticut Housing Finance Authority for the sharing of assistants, agents and other consultants, professionals and employees, and facilities and other real and personal property used in the conduct of the corporation's affairs;
[(35)] (33) To transfer to the department:
(A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the corporation, and (C) loan assets or equity interests in connection with any program under the supervision of the corporation,providedthetransferofsuchfinancialassistance,revenues, rights, assets or interests is determined by the corporation to be practicable, within the constraints and not inconsistent with the fiduciary obligations of the corporation imposed upon or established upon the corporation by any provision of the general statutes, the corporation's bond resolutions or any other agreement or contract of the corporation and to have no adverse effect on the tax-exempt status of any bonds of the state;
[(36)] (34) With respect to any capital initiative, to create, with one or Public Act No.
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5299 more persons, one or more affiliates and to provide, directly or indirectly, for the contribution of capital to any such affiliate, each such affiliate being expressly authorized to exercise on such affiliate's own behalfall powerswhichthecorporationmayexercise under thissection, in addition to such other powers provided to it by law;
[(37)] (35) To provide financial aid to enable biotechnology, bioscience and other technology companies to lease, acquire, construct, maintain, repair, replace or otherwise obtain and maintain production, testing, research, development, manufacturing, laboratory and related and other facilities, improvements and equipment;
[(38)] (36) To provide financial aid to persons developing smart buildings, as defined in section 32-23d, incubator facilities or other information technology intensive office and laboratory space;
[(39)] (37) To provide financial aid to persons developing or constructing the basic buildings, facilities or installations needed for the functioning of the media and motion picture industry in this state;
[(40) To coordinate the development and implementation of strategies regarding technology-based talent and innovation among state and quasi-public agencies, including the creation and administration of the Connecticut Small Business Innovation Research Office to act as a centralized clearinghouse and provide technical assistance to applicants in developing small business innovation research programs in conformity with the federal program established pursuant to the Small Business Research and Development Enhancement Act of 1992, P.L.
102-564, as amended, and other proposals, provided such power shall be transferred to CTNext on September 1, 2016;] [(41)] (38) To invest in private equity investment funds, or funds of funds, and enter into related agreements of limited partnership or other Public Act No.
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5299 contractual arrangements related to such funds.
Any such fund may be organized and managed, and may invest in businesses, located within or outside the state, provided the characteristics, investment objectives and criteria for such fund shall be consistent with policies adopted by the corporation's board of directors, which shall include requirements that the fund manager have or establish an office in the state and that the fund manager agrees to make diligent and good faith efforts to source deals and make fund investments such that an amount at least equal to the amount invested in such fund by the corporation and not otherwise returned, net of customary fees, expenses and closing costs borne ratably by fund investors, is invested by or through such fund in a manner that supports (A) the growth of business operations of companies in the technology, bioscience or precision manufacturing sectors in the state, or (B) the relocation of companies in such sectors to the state;
[(42)] (39) To invest up to five million dollars in a venture capital funding round of an out-of-state business that has raised private capital, has been incorporated for ten years or less and whose annual gross revenue has increased by twenty per cent for each of the three previous income years of such business, provided (A) any such investment is contingent upon the business relocating its operations to the state, (B) no investment shall exceed fifty per cent of the total amount raised by the business in such venture capital funding round, and (C) the total amount of investments pursuant to this section shall not exceed ten million dollars;
[(43)] (40) To establish a program to solicit private investment from state residents that Connecticut Innovations, Incorporated will invest in a private investment fund or funds of funds pursuant to subdivision [(41)] (38) of this section or subsections (e) and (g) of section 32-41cc on behalf of such residents, provided any such private investment shall be invested by Connecticut Innovations, Incorporated in venture capital Public Act No.
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5299 firms having offices located in the state;
[(44)] (41) To create financial incentives to induce (A) out-of-state businesses that have raised private capital, have been incorporated for ten years or less and whose annual gross revenue has increased by twenty per cent for each of the three previous income years of such business, to relocate to Connecticut, provided the corporation has made an equity investment in such business and (B) out-of-state venture capital firms to relocate to Connecticut, provided the corporation is investing funds in such firm as a limited partner;
and [(45)] (42) To provide financial aid, including in the form of equity investments, to cannabis establishments, as defined in section 21a-420.
Sec.
17.
Subsection (b) of section 32-235 of the 2024 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Department of Economic and Community Development (1) for the purposes of sections 32-220 to 32-234, inclusive, including economic cluster-related programs and activities, and for the Connecticut job training finance demonstration program pursuant to sections 32-23uu and 32-23vv, provided (A) three million dollars shall be used by said department solely for the purposes of section 32-23uu, (B) not less than one million dollars shall be used for an educational technology grant to the deployment center program and the nonprofit business consortium deployment center approved pursuant to section 32-41l, (C) not less than two million dollars shall be used by said department for the establishment of a pilot program to make grants to businesses in designated areas of the state for construction, renovation or improvement of small manufacturing facilities, provided such grants are matched by the business, a municipality or another financing entity.
Public Act No.
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5299 The Commissioner of Economic and Community Development shall designate areas of the state where manufacturing is a substantial part of the local economy and shall make grants under such pilot program which are likely to produce a significant economic development benefit for the designated area, (D) five million dollars may be used by said department for the manufacturing competitiveness grants program, (E) one million dollars shall be used by said department for the purpose of a grant to the Connecticut Center for Advanced Technology, for the purposes of subdivision (5) of subsection (a) of section 32-7f, (F) fifty million dollars shall be used by said department for the purpose of grants to the United States Department of the Navy, the United States Department of Defense or eligible applicants for projects related to the enhancement of infrastructure for long-term, on-going naval operations at the United States Naval Submarine Base-New London, located in Groton,whichwillincrease themilitaryvalue ofsaidbase.
Suchprojects shall not be subject to the provisions of sections 4a-60 and 4a-60a, (G) two million dollars shall be used by said department for the purpose of a grant to the Connecticut Center for Advanced Technology, Inc., for manufacturing initiatives, including aerospace and defense, and (H) four million dollars shall be used by said department for the purpose of a grant to companies adversely impacted by the construction at the Quinnipiac Bridge, where such grant may be used to offset the increase in costs of commercial overland transportation of goods or materials brought to the port of New Haven by ship or vessel, (2) for the purposes ofthesmall businessassistance programestablishedpursuant to section 32-9yy, provided fifteen million dollars shall be deposited in the small business assistance account established pursuant to said section 32-9yy, (3) to deposit twenty million dollars in the small business express assistance account established pursuant to section 32-7h, (4) to deposit four million nine hundred thousand dollars per year in each of the fiscal years ending June 30, 2017, to June 30, 2019, inclusive, and June 30, 2021, andninemillionninehundredthousanddollarsinthefiscalyearending June 30, 2020, in the CTNext Fund established pursuant to section 32- Public Act No.
24-149 56 of 60 Substitute House Bill No.
5299 39i, as amended by this act, which shall be used by [CTNext] the Department of Economic and Community Development to provide grants-in-aid to designated innovation places, as defined in section [32- 39j] 32-39f, as amended by this act, planning grants-in-aid pursuant to section 32-39l, as amended by this act, and grants-in-aid for projects that network innovation places pursuant to subsection (b) of section 32-39m, as amended by this act, provided not more than three million dollars be used for grants-in-aid for such projects, and further provided any portion of any such deposit that remains unexpended in a fiscal year subsequent to the date of such deposit may be used by [CTNext] the Department of Economic and Community Development for any purpose described in subsection(e)ofsection 32-39i,asamendedby this act, (5) to deposit two million dollars per year in each of the fiscal years ending June 30, 2019, to June 30, 2021, inclusive, in the CTNext Fund established pursuant to section 32-39i, as amended by this act, which shallbeused by [CTNext]theDepartmentofEconomicandCommunity Development for the purpose of providing higher education entrepreneurship grants-in-aid pursuant to section 32-39g, as amended by this act, provided any portion of any such deposit that remains unexpended in a fiscal year subsequent to the date of such deposit may be used by [CTNext] the Department of Economic and Community Development for any purpose described in subsection (e) of section 32- 39i, as amended by this act, (6) for the purpose of funding the costs of the Technology Talent Advisory Committee established pursuant to section 32-7p, provided not more than ten million dollars may be used on or after July 1, 2023, for such purpose, (7) to provide (A) a grant-in- aid to the Connecticut Supplier Connection in an amount equal to two hundred fifty thousand dollars in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, and (B) a grant-in-aid to the Connecticut Procurement Technical Assistance Program in an amount equal to three hundred thousand dollars in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, (8) to deposit four hundred fifty thousand dollars per year, in each of the fiscal years Public Act No.
24-149 57 of 60 Substitute House Bill No.
5299 ending June 30, 2017, to June 30, 2021, inclusive, in the CTNext Fund established pursuant to section 32-39i, as amended by this act, which shallbeused by [CTNext]theDepartmentofEconomicandCommunity Development to provide growth grants-in-aid pursuant to section 32- 39g, as amended by this act, provided any portion of any such deposit that remains unexpended in a fiscal year subsequent to the date of such deposit may be used by [CTNext] the Department of Economic and Community Development for any purpose described in subsection (e) of section 32-39i, as amended by this act, (9) to transfer fifty million dollarstotheLaborDepartment whichshallbeusedby saiddepartment for the purpose of funding workforce pipeline programs selected pursuant to section 31-11rr, provided, notwithstanding the provisions of section 31-11rr, (A) not less than five million dollars shall be provided to the workforce development board in Bridgeport serving the southwest region, for purposes of such program, and the board shall distribute such money in proportion to population and need, and (B) not less than five million dollars shall be provided to the workforce development board in Hartford serving the north central region, for purposes of such program, (10) to transfer twenty million dollars to Connecticut Innovations, Incorporated, provided ten million dollars shall be used by Connecticut Innovations, Incorporated for the purpose of the proof of concept fund established pursuant to subsection (b) of section 32-39x, as amended by this act, and ten million dollars shall be used by Connecticut Innovations, Incorporated for the purpose of the venture capital fund program established pursuant to section 32-41oo, (11) to provide a grant to The University of Connecticut of eight million dollars for the establishment, development and operation of a center for sustainable aviation pursuant to subsection (a) of section 10a-110o.
[Not later than thirty days prior to any use of unexpended funds under subdivision (4), (5) or (8) of this subsection, the CTNext board of directors shall provide notice of and the reason for such use to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding.] Public Act No.
24-149 58 of 60 Substitute House Bill No.
5299 Sec.
18.
Section 32-357 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):
Connecticut Innovations, Incorporated, in consultation with the Department of Economic and Community Development [, CTNext] and the Connecticut Center for Advanced Technology, Inc., shall develop and implement a plan to increase the total of funds provided to state businesses pursuant to the small business innovation research program, as defined in section 32-344, and the small business technology transfer program, as defined in section 32-344.
Not later than January 1, 2022, and annually thereafter, the Commissioner of Economic and Community Development shall report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and veterans' and military affairs, regarding such plan and its implementation.
Sec.
19.
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Action History

  1. SIGNED BY GOVERNOR

  2. TRANSMITTED BY SECRETARY OF THE STATE TO GOVERNOR

  3. TRANSMITTED TO SECRETARY OF THE STATE

  4. PUBLIC ACT 24-149

  5. ON CONSENT CALENDAR /IN CONCURRENCE

  6. SEN. PASSED, HO. AMEND. SCH. A

  7. SEN. ADOPTED HO. AMEND. SCH. A

  8. RULES SUSPENDED

  9. SENATE CALENDAR NUMBER 479

  10. FAV. RPT., TAB. FOR CAL., SEN.

  11. TRANSMITTED PURSUANT TO JOINT RULE 17

  12. HOUSE PASSED, HOUSE AMEND. SCH. A

  13. HOUSE ADOPTED HOUSE AMEND. SCH. A

  14. FILE NO. 442

  15. HOUSE CALENDAR NUMBER 286

  16. FAV. RPT., TABLED FOR HOUSE CALENDAR

  17. RPTD. OUT OF LCO

  18. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 04/10/24

  19. FILED WITH LCO

  20. Joint Favorable

  21. PUBLIC HEARING 0305

  22. REF. TO JOINT COMM. ON Commerce

Sponsors

Sponsorship breakdown

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4 sponsors · 0 co-sponsors · 183 not signed on

Sponsors (4)

Co-sponsors (0)

None.

Not signed on (183)

183 members have not signed on to this bill.

Show all 183 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Senate Roll Call Vote

Passed 36 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 23000
Unaffiliated 3000
Republican 10000
Total 36000
% of votes cast 100%0%0%0%
How each member voted (36)
Member Party Vote
Kevin C. Kelly — Yea
Lisa Seminara — Yea
Marilyn Moore — Yea
Bob Duff Democratic Yea
Catherine A. Osten Democratic Yea
Ceci Maher Democratic Yea
Christine Cohen Democratic Yea
Derek Slap Democratic Yea
Douglas McCrory Democratic Yea
Gary A. Winfield Democratic Yea
Herron Gaston Democratic Yea
James J. Maroney Democratic Yea
Jan Hochadel Democratic Yea
Joan V. Hartley Democratic Yea
John W. Fonfara Democratic Yea
Jorge Cabrera Democratic Yea
Julie Kushner Democratic Yea
MD Rahman Democratic Yea
Mae Flexer Democratic Yea
Martha Marx Democratic Yea
Martin M. Looney Democratic Yea
Matthew L. Lesser Democratic Yea
Norman Needleman Democratic Yea
Patricia Billie Miller Democratic Yea
Rick Lopes Democratic Yea
Saud Anwar Democratic Yea
Eric C. Berthel Republican Yea
Heather S. Somers Republican Yea
Henri Martin Republican Yea
Jeff Gordon Republican Yea
John A. Kissel Republican Yea
Paul Cicarella Republican Yea
Rob Sampson Republican Yea
Ryan Fazio Republican Yea
Stephen G. Harding Republican Yea
Tony Hwang Republican Yea

Official roll call →

House Roll Call Vote

Passed 147 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Democratic 79002
Republican 44000
Unaffiliated 24002
Total 147004
% of votes cast 97%0%0%3%
How each member voted (151)
Member Party Vote
Arnone — Not Voting
Khanna — Yea
Michel — Yea
Conley — Yea
Chaleski — Yea
Currey — Yea
Cheeseman — Yea
D'agostino — Yea
Cooley — Yea
Dancho — Yea
Palm — Yea
Denning — Yea
Porter — Yea
Ferraro — Yea
Cook — Yea
Ryan — Yea
Harrison — Yea
Figueroa — Yea
Hayes — Not Voting
Labriola — Yea
Tercyak — Yea
Sanchez, R. — Yea
Mccarthy Vahey — Yea
Mccarty, K. — Yea
Morrin Bello — Yea
Sanchez, J. — Yea
Aimee Berger-Girvalo Democratic Yea
Alphonse Paolillo Democratic Yea
Andre F. Baker Democratic Yea
Anne M. Hughes Democratic Yea
Anthony L. Nolan Democratic Yea
Antonio Felipe Democratic Yea
Aundre Bumgardner Democratic Yea
Bob Godfrey Democratic Yea
Bobby G. Gibson Democratic Yea
Brandon Chafee Democratic Yea
Christopher Poulos Democratic Yea
Christopher Rosario Democratic Yea
Corey P. Paris Democratic Yea
Derell Wilson Democratic Yea
Dominique Johnson Democratic Yea
Eleni Kavros DeGraw Democratic Yea
Emmanuel Sanchez Democratic Yea
Farley Santos Democratic Yea
Frank Smith Democratic Yea
Fred Gee Democratic Yea
Gary A. Turco Democratic Yea
Geoff Luxenberg Democratic Yea
Geraldo C. Reyes Democratic Yea
Gregory Haddad Democratic Yea
Hector Arzeno Democratic Yea
Henry J. Genga Democratic Yea
Hilda E. Santiago Democratic Yea
Hubert D. Delany Democratic Yea
Jaime S. Foster Democratic Yea
Jane M. Garibay Democratic Yea
Jason Doucette Democratic Yea
Jason Rojas Democratic Yea
Jennifer Leeper Democratic Yea
Jill Barry Democratic Yea
Jillian Gilchrest Democratic Yea
John-Michael Parker Democratic Yea
Jonathan Fazzino Democratic Yea
Jonathan Steinberg Democratic Yea
Joseph P. Gresko Democratic Yea
Josh Elliott Democratic Yea
Joshua M. Hall Democratic Yea
Juan R. Candelaria Democratic Yea
Julio A. Concepcion Democratic Yea
Kadeem Roberts Democratic Yea
Kai J. Belton Democratic Yea
Kara Rochelle Democratic Not Voting
Kate Farrar Democratic Yea
Kerry S. Wood Democratic Yea
Kevin Brown Democratic Yea
Larry B. Butler Democratic Yea
Liz Linehan Democratic Yea
Lucy Dathan Democratic Yea
Marcus Brown Democratic Yea
Maria P. Horn Democratic Yea
Mary Fortier Democratic Yea
Mary M. Mushinsky Democratic Yea
Mary Welander Democratic Yea
Maryam Khan Democratic Yea
Matt Blumenthal Democratic Yea
Matthew Ritter Democratic Yea
Melissa Osborne Democratic Yea
Michael D. Quinn Democratic Yea
Michael DiGiovancarlo Democratic Yea
Mike Demicco Democratic Yea
Minnie Gonzalez Democratic Yea
Moira Rader Democratic Yea
Patricia A. Dillon Democratic Yea
Patrick S. Boyd Democratic Yea
Raghib Allie-Brennan Democratic Yea
Robin E. Comey Democratic Yea
Roland J. Lemar Democratic Yea
Ronald A. Napoli Democratic Yea
Sarah Keitt Democratic Yea
Stephen R. Meskers Democratic Yea
Steven J. Stafstrom Democratic Yea
Susan M. Johnson Democratic Yea
Tammy R. Exum Democratic Yea
Toni E. Walker Democratic Not Voting
Travis Simms Democratic Yea
Trenee McGee Democratic Yea
William Heffernan Democratic Yea
Anne Dauphinais Republican Yea
Ben McGorty Republican Yea
Bill Buckbee Republican Yea
Brian Lanoue Republican Yea
Cara Christine Pavalock-D'Amato Republican Yea
Carol Hall Republican Yea
Chris Aniskovich Republican Yea
Christie M. Carpino Republican Yea
Craig C. Fishbein Republican Yea
Dave W. Yaccarino Republican Yea
David Rutigliano Republican Yea
Devin R. Carney Republican Yea
Donna Veach Republican Yea
Doug Dubitsky Republican Yea
Gale L. Mastrofrancesco Republican Yea
Greg S. Howard Republican Yea
Irene M. Haines Republican Yea
Jason Perillo Republican Yea
Jay M. Case Republican Yea
Joe Hoxha Republican Yea
Joe Polletta Republican Yea
John E. Piscopo Republican Yea
Joseph H. Zullo Republican Yea
Karen Reddington-Hughes Republican Yea
Kathy Kennedy Republican Yea
Kurt Vail Republican Yea
Lezlye Zupkus Republican Yea
Mark DeCaprio Republican Yea
Mark W. Anderson Republican Yea
Martin Foncello Republican Yea
Mitch Bolinsky Republican Yea
Nicole Klarides-Ditria Republican Yea
Patrick E. Callahan Republican Yea
Seth Bronko Republican Yea
Steve Weir Republican Yea
Tami Zawistowski Republican Yea
Tammy Nuccio Republican Yea
Tim Ackert Republican Yea
Tom Delnicki Republican Yea
Tom O'Dea Republican Yea
Tony J. Scott Republican Yea
Tracy Marra Republican Yea
Vincent J. Candelora Republican Yea
William Pizzuto Republican Yea

Official roll call →

Subjects

housing labor
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Frequently asked questions

Who sponsors HB 5299?
HB 5299 is sponsored by Lisa Seminara, Fred Gee (Democratic), Matt Blumenthal (Democratic), and Henri Martin (Republican).
What is the current status of HB 5299?
This bill has been enacted into law. Introduced February 28, 2024. Enacted.
Where can I track HB 5299?
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