CT SB00422

Authorizes the Commissioner of Economic and Community Development to establish up to ten knowledge center enterprise zones surrounding colleges, universities, or other institutions of higher learning in Connecticut, effective October 1, 2014.

Requires institutions proposing a zone to submit a detailed proposal including geographic scope (limited to two-mile radius), types of businesses, job creation plans, collaboration experience, and anticipated revenue loss to state and municipalities.

Permits the commissioner to modify proposed zone boundaries to balance economic benefits against costs to the state and affected municipalities.

Grants businesses within knowledge center enterprise zones the same tax benefits and incentives available to businesses in regular enterprise zones.

Requires the commissioner to assess zone performance at least ten years after approval and may revoke the designation if goals and performance standards established by regulation are not met.