CT SB00450

Imposes an 8.97% tax on TARP bonuses of $1 million or more received by Connecticut taxpayers in 2010 and 2011, regardless of whether the TARP recipient has repaid federal funds.

Allows taxpayers to waive the TARP bonus tax if they irrevocably return the full bonus amount to the TARP recipient before December 31 of the applicable tax year with no benefit received in exchange.

Establishes a small business assistance program administered by the Department of Economic and Community Development to provide direct loans and loan guarantees to businesses with fewer than 50 employees.

Creates a non-lapsing "small business assistance account" within the General Fund to hold and expend moneys for the small business loan program.

Authorizes the State Bond Commission to issue up to $20 million in bonds, with proceeds deposited into the small business assistance account to fund the program.