CT SB01095

Expands the angel investor tax credit program to include cannabis businesses owned by social equity applicants, effective July 1, 2021.

Defines "social equity applicant" as a person applying for a cannabis license where the business is at least 51% owned by or under day-to-day control of individuals meeting criteria including prior cannabis-related arrests/convictions, family members with such convictions, residence in disproportionately affected communities for 5+ of 10 years, or residence on tribal land.

Provides a 40% tax credit for angel investors making cash investments of at least $25,000 in qualified cannabis businesses (compared to 25% for Connecticut businesses), with a maximum of $500,000 in credits per investor.

Establishes an annual cap of $15 million in tax credits for cannabis business investments starting July 1, 2021, and prohibits new credit reservations after July 1, 2024.

Requires Connecticut Innovations, Incorporated to conduct annual reviews of program effectiveness including data on businesses funded, number of investors, employment impact, and economic benefits to submit to the Office of Policy and Management and relevant legislative committee.