CT HB07264

Adds a new requirement that the Department of Economic and Community Development must obtain legislative approval before providing financial assistance to any additional business development projects under the First Five Plus program.

Requires the Commissioner of Economic and Community Development to submit a report to the joint standing committees on commerce and finance that includes the net rate of return to the state for the entire First Five Plus program portfolio, accounting for all forgiven loans and allowed tax credits.

Mandates that both joint standing committees must vote in concurrence to approve the commissioner's recommendation to continue the program before any new financial assistance can be awarded.

Deems a committee's recommendation approved if that committee does not convene a meeting to vote within 30 days after the commissioner submits the report.