CT HB05244

Increases the cap on financial assistance that the Department of Economic and Community Development or Connecticut Innovations, Incorporated can award to a single applicant or business project from $10 million to $25 million during any two-year period, effective July 1, 2026

Removes the separate $20 million cap that previously applied specifically to biotechnology business projects

Creates an exception to Connecticut's prohibition on employment promissory notes, allowing employers to require repayment agreements for federal H-1B visa application fees paid on behalf of employees

Maintains the existing requirement that financial assistance exceeding the cap must be specifically authorized by an act of the General Assembly

Employment promissory note provisions apply to employers with 26 or more employees and take effect upon passage