Summary of Substitute House Bill No. 5300

• Repeals and replaces subsection (c) of section 38a-88a regarding the Invest CT Fund Program, effective October 1, 2024, establishing definitions and requirements for eligible businesses, cybersecurity businesses, green technology businesses, and invest CT funds.

• Allows taxpayers making eligible capital investments to earn vested tax credits against premium taxes under chapter 207 and section 38a-743, with credit percentages ranging from 0% to 20% depending on investment date and tax year, capped at $40 million of credits used in any single year.

• Requires invest CT funds to maintain certification by meeting investment parameters including investing 100% of eligible capital in eligible businesses within ten years, maintaining minimum allocations to green technology (25%), preseed investments (3-7%), cybersecurity (3%), and municipalities with population over 80,000 (25%).

• From October 1, 2024 to September 30, 2026, allows the Commissioner of Economic and Community Development to approve requests to consider businesses without Connecticut principal operations as eligible if such approval significantly advances program objectives, with reporting requirements to the General Assembly.

• Provides that decertification of an invest CT fund results in forfeiture of future tax credits if the fund has invested less than 60% of eligible capital in eligible businesses by the fourth anniversary (for June 2015 allocation dates) or sixth anniversary (for September 2015 allocation dates).