HB 5124 Summary

• Authorizes the Commissioner of Economic and Community Development to contract with nonprofits, lending institutions, and technical assistance providers to implement economic development programs.

• Establishes the Innovation Corridor program and Connecticut Communities Challenge program to provide up to $100 million each in grants for major projects and community development, with combined funding not exceeding $200 million through June 30, 2024.

• Allows the Department of Economic and Community Development to charge application fees up to $10,000 for historic preservation tax credits to cover administrative costs and fund historic preservation programs.

• Requires the Commissioner of Economic and Community Development to study whether to extend research and development tax credits to pass-through entities and report findings by January 1, 2023.

• Mandates the Chief Workforce Officer to develop a model student work release policy by July 1, 2023, which all local and regional boards of education must adopt beginning in the 2024-2025 school year.