CT SB00308

Commissioner of Economic and Community Development shall develop legislative recommendations for a program allowing businesses to exchange unused research and development tax credits for financial assistance on capital projects.

Program shall support capital projects that expand business scale or scope, increase or retain employment, or generate substantial return to the state economy.

Recommendations may address project qualification requirements, financial assistance terms, maximum tax credit exchange amounts, and whether projects must generate economic benefits exceeding the exchanged tax credit value.

Commissioner may consult with the Commissioner of Revenue Services while developing recommendations.

Commissioner must submit legislative recommendations to the joint standing committees on commerce, finance, revenue and bonding by January 1, 2017.