SB 502 Summary

• Establishes CTNext as a subsidiary of Connecticut Innovations to foster innovation, entrepreneurship, and startup businesses through mentorship, technical training, and connections to resources and capital.

• Creates a CTNext Fund (with $4.9-9.9 million annual deposits through FY 2021) to provide grants to designated innovation places, planning grants, higher education entrepreneurship grants, and growth grants for businesses.

• Designates "innovation places" in compact geographic areas with anchor institutions, public transit access, mixed-use zoning, and entrepreneurial potential; establishes application and designation process with community support requirements.

• Extends and modifies various economic development programs including the First Five Plus program (increasing eligible projects from 15 to 20 by 2019), angel investor tax credits (extending deadline to 2019), and municipal revenue sharing grants with spending caps.

• Consolidates three commissions (Commission on Aging, Commission on Children, Permanent Commission on the Status of Women) into two new commissions: Commission on Equity and Opportunity and Commission on Women, Children and Seniors.