CT HB05018

Transfers all powers and duties of the Connecticut Development Authority to Connecticut Innovations, Incorporated effective July 1, 2012, making Connecticut Innovations the successor entity for all outstanding bonds, contracts, and obligations.

Expands Connecticut Innovations' board of directors from 15 to 17 members, adding the Treasurer as an ex officio member and requiring three appointees with expertise in financial lending or business development.

Authorizes Connecticut Innovations to establish subsidiaries for contaminated property remediation and development, with authority to solicit grants, enter agreements, mortgage assets, and create real estate investment trusts or partnerships.

Replaces references to "Connecticut Development Authority" with "Connecticut Innovations, Incorporated" throughout the general statutes in more than 50 sections covering economic development programs and financing powers.

Confirms Connecticut Innovations maintains tax exemptions and quasi-public agency status previously held by the Connecticut Development Authority, including exemption from state and municipal taxes on projects and income from bonds.