CT SB00942

Increases the cap on state financial assistance to applicants or business projects from $10 million to $15.54 million per two-year period, unless specifically authorized by the General Assembly.

Increases the cap on state financial assistance for biotechnology business projects from $20 million to $26.01 million per two-year period, unless specifically authorized by the General Assembly.

Raises the threshold for urban and industrial site tax credits requiring joint standing committee review from $20 million to $26.75 million for a single investment.

Requires the Commissioner of Economic and Community Development to submit tax credits exceeding the new $26.75 million threshold to the relevant joint standing committee for review and recommendation before issuing a certificate of eligibility.

All changes are effective July 1, 2013.