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CT SB00266
Bill
Status
6/14/2018
Primary Sponsor
Commerce Committee
Click for details
AI Summary
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Allows general partners of qualified venture capital funds established on or after January 1, 2018, to deduct income from Connecticut bioscience business investments from their adjusted gross income for state tax purposes.
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Defines "Connecticut bioscience business" as entities with principal place of business in Connecticut engaged in manufacturing pharmaceuticals, medical devices, diagnostic testing, or conducting life sciences research and development.
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Permits deduction of all income from sales of equity interests in Connecticut bioscience businesses, plus a proportional share of fund management income calculated using the fund's bioscience investment ratio.
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Effective July 1, 2018, and applies to taxable years beginning on or after January 1, 2018.
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Directs the Commissioner of Revenue Services to adopt regulations implementing the bioscience venture capital incentive provisions.
Legislative Description
An Act Concerning Incentives To Encourage The Growth Of Bioscience Venture Capital In Connecticut.
Last Action
Signed by the Governor
6/14/2018