CT SB00362

Increases the small business employee threshold from 75 to 250 full-time employees in the definition of "small business" under regulatory flexibility analysis requirements, effective October 1, 2016.

Requires agencies to conduct a detailed regulatory flexibility analysis identifying the scope, types of affected businesses, compliance costs, and potential burden on small businesses prior to or concurrent with issuing notice for public comment.

Mandates agencies communicate with small businesses and consider alternate compliance methods including less stringent requirements, extended deadlines, simplified reporting, performance standards, or exemptions for small businesses.

Requires agencies to notify the Department of Economic and Community Development and relevant legislative committees before adopting regulations with adverse impacts on small businesses.

Establishes a separate definition of "small business" for individual development account programs as entities with fewer than 75 full-time employees or less than $5 million in gross annual sales.