CT HB05041

Establishes the Connecticut Manufacturing Innovation Fund, a nonlapsing fund held by the State Treasurer to provide financial assistance (grants, loans, loan guarantees, equity investments) to eligible recipients in aerospace, medical devices, digital manufacturing, and other advanced manufacturing sectors.

Creates the Manufacturing Innovation Advisory Board consisting of 11 members (4 appointed by the Governor, 1 each by legislative leaders, and the Commissioner of Economic and Community Development as chair) with expertise in aerospace, medical devices, advanced manufacturing, or related fields.

Requires all fund expenditures (except administrative costs) be approved by the Advisory Board, with authority to delegate approval of transactions under $100,000 to administrator staff.

Directs financial assistance toward companies located in or relocating to distressed municipalities, targeted investment communities, public investment communities, enterprise zones, or manufacturing innovation districts; funding must support workforce development, research and development, equipment modernization, and federal grant matching.

Caps administrative costs at 5% of annual allotted funding and requires annual reporting to the Joint Standing Committee on Commerce beginning January 1, 2016, detailing fund operations, financial assistance awards, and returns on investment.