CT HB05280

Establishes a tax credit for qualified investors who make cash investments in Connecticut bioscience or biotechnology businesses, effective July 1, 2018 for taxable years beginning January 1, 2018 and later.

Qualified investors must be accredited investors as defined by the Securities and Exchange Commission and cannot control 50% or more of the business they invest in.

Credit equals 50% of the cash investment amount, with caps of $250,000 for venture capital funds and $50,000 for other individual qualified investors under chapter 229 taxes, and $250,000 for chapter 208 taxpayers.

Qualifying businesses must have principal place of business in Connecticut and be engaged in bioscience (pharmaceuticals, medical devices, diagnostics, or life sciences research) or biotechnology (using living organisms or genetic engineering).

Tax credit may be claimed in the year of investment, sold or transferred, and passed through to shareholders, partners, or LLC owners who are subject to Connecticut income tax.