CT SB00966

Expands First Five Plus program reporting requirements to include net rate of return to the state, economic impact, and recommendations for modifications or continuation, with joint committees required to hold public hearing by February 1, 2019.

Establishes new component of Small Business Express program allowing Department of Economic and Community Development to collaborate with Connecticut-based banks for loan guarantees, bridge loans, and loan transfers, with up to 10% of program funding allocated to this component.

Creates Minority Business Initiative Advisory Board within Department of Economic and Community Development to advise on minority-owned business assistance, capital access, and state contracts, with $2 million allocated for fiscal year 2018 and $1 million for fiscal year 2019.

Requires Commissioner of Economic and Community Development to submit comprehensive annual reports analyzing business assistance and incentive programs (including tax credits), their economic impact, job creation, and statutory goal achievement, with recommendations for program continuation, modification, or repeal.

Establishes performance audit requirements for Auditors of Public Accounts to evaluate incentive programs and commissioner's annual reports, with findings submitted to Governor and relevant legislative committees and public hearings required.