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CT SB00231
Bill
Status
2/20/2014
Primary Sponsor
Commerce Committee
Click for details
AI Summary
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Increases the overall cap on urban and industrial site tax credits from $650 million to $800 million.
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Raises the threshold requiring General Assembly legislative approval for tax credits from $20 million to $27 million for a single investment.
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Increases the financial assistance threshold for standard business projects from $10 million to $16 million per two-year period before requiring specific General Assembly authorization.
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Increases the financial assistance threshold for biotechnology business projects from $20 million to $26 million per two-year period before requiring specific General Assembly authorization.
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All changes effective July 1, 2014.
Legislative Description
An Act Increasing The Cap On The Urban And Industrial Site Tax Credit And Threshold For Legislative Approval Of Financial Assistance.
Last Action
Referred by Senate to Committee on Finance, Revenue and Bonding
4/9/2014