CT SB00435

Repeals and replaces Section 38a-88a of the general statutes, effective July 1, 2020, to modify tax credit programs for insurance business investments and invest CT funds.

Increases the maximum aggregate amount of tax credits allowed under the invest CT fund program from $350 million to $550 million, with a $40 million annual cap.

Establishes new investment requirements for invest CT funds certified on or after September 1, 2020, including 25% investment in green technology businesses, 7% in preseed investments, and 25% in eligible businesses located in municipalities with population greater than 80,000.

Adds provisions allowing the Commissioner of Economic and Community Development to approve investments in non-eligible businesses that would create significant job growth or economic impact to the state.

Permits tax credits under the program to be sold, assigned, or transferred to other taxpayers, with carryforward provisions allowing unused credits to be claimed in the five succeeding income years.