Public Act No. 24-149 Summary

• Establishes the JobsCT tax rebate program allowing qualified businesses creating new full-time jobs to receive tax credits of up to $5,000 per job, with higher rates for jobs in opportunity zones, distressed municipalities, or for individuals with intellectual disabilities.

• Creates the Community Investment Fund 2030 Board to recommend eligible projects for state bond funding up to $875 million for fiscal years 2023-2027, including brownfield remediation, affordable housing, infrastructure, and economic development projects in public investment communities.

• Transfers CTNext from Connecticut Innovations, Incorporated to become part of the Department of Economic and Community Development, consolidating entrepreneurship and innovation programs under direct state administration effective July 1, 2024.

• Modifies wage requirements for qualified full-time equivalent (FTE) employees to be at least 85% of median household income or 120% of minimum fair wage (whichever is greater), replacing previous fixed dollar thresholds.

• Authorizes $1.25 billion in additional bond funding for fiscal years 2028-2032 (contingent on program reauthorization) to continue innovation place development, entrepreneurship grants, and workforce pipeline programs.