CT HB06632

Repeals and replaces Section 38a-88a of the general statutes effective July 1, 2021, modernizing the Invest CT Fund program for tax credits and investments in insurance businesses.

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 per-year cap.

Establishes new investment requirements for Invest CT funds with allocation dates on or after September 1, 2021, requiring minimum investments of 7% in preseed investments and 25% in eligible businesses located in municipalities with populations greater than 80,000.

Removes the requirement for green technology investment commitments (25% minimum) for applications submitted on or after September 1, 2021, while maintaining cybersecurity investment requirements for earlier allocation dates.

Modifies distribution and payment restrictions for Invest CT funds to allow distributions once investment thresholds are met, with the state receiving 10-20% of distributions based on job creation performance.