HB 6525 Summary

• Modifies Connecticut's green technology, life science, and health information technology loan reimbursement program by changing eligibility criteria from expected family contribution to federal adjusted gross income threshold of $150,000.

• Expands manufacturing reinvestment account program allowing manufacturers with 50 or fewer employees to contribute up to $50,000 annually into interest-bearing accounts for equipment purchases and workforce training, with 3.5% tax rate on distributions.

• Establishes Innovation Network program under Department of Economic and Community Development to coordinate technology-based economic development activities, replacing previous requirement for detailed implementation plan.

• Creates "Learn Here, Live Here" program providing up to $2,500 annually in tax credits to recent graduates of Connecticut public institutions of higher education and vocational schools toward first-home purchases within 10 years of graduation.

• Makes multiple technical updates including changing industrial classification codes from Standard Industrial Classification to North American Industrial Classification System codes and updating Connecticut Housing Finance Authority governance structure.