CT HB05573

Extends the First Five Plus Program deadline from June 30, 2016 to June 30, 2019, and increases the number of eligible business development projects from fifteen to twenty.

Adds two new preference criteria for financial assistance awards: projects located in distressed municipalities and projects involving targeted industries referenced in the state's economic development strategic plan.

Extends the fiscal years for which financial assistance is exempt from certain provisions from 2012-2017 to 2012-2020.

Requires the Commissioner of Economic and Community Development to submit a report on the program's net rate of return to the state and a recommendation on whether to continue the program before providing assistance to any additional projects after July 1, 2016, subject to joint standing committee approval.

Extends reporting requirements to the General Assembly committees from September 2016 through September 2019 on projects funded, jobs created, and economic impact.