Bill Text: CT HB05276 | 2014 | General Assembly | Comm Sub

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Bill Title: An Act Concerning Supplemental Funding Under The Preseed Financing Program.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-04-04 - Referred by House to Committee on Appropriations [HB05276 Detail]

Download: Connecticut-2014-HB05276-Comm_Sub.html

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General Assembly		Raised Bill No. 5276
February Session, 2014		LCO No. 1399
		*_____HB05276CE____031114____*
Referred to Committee on COMMERCE
Introduced by:
(CE)

AN ACT CONCERNING SUPPLEMENTAL FUNDING UNDER THE PRESEED FINANCING PROGRAM.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 32-41x of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):

(a) There is established an account to be known as the "preseed financing account" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by Connecticut Innovations, Incorporated, for the purposes of providing preseed financing pursuant to the program established in subsection (b) of this section.

(b) Connecticut Innovations, Incorporated, shall establish a program to provide preseed financing for [Connecticut businesses] eligible businesses, which shall include, but not be limited to, financial assistance for the development of proof of concepts and support services. Financial assistance shall not exceed one hundred fifty thousand dollars per eligible business. An eligible business shall (1) [be principally located in Connecticut, (2)] have not less than seventy-five per cent of its employees working in Connecticut if such business has employees, and [(3)] (2) demonstrate private investment dollars of not less than fifty cents for every dollar of financial assistance sought from the program established pursuant to this section. For the purposes of this [subsection] section, "private investment dollars" shall include funds from a public institution of higher education, except those funds derived from state appropriations or student tuition and fees, that are used to assist in the commercialization of technology owned by a public university.

(c) The corporation may, not earlier than two months following an award of financial assistance to a business pursuant to subsection (b) of this section, award additional financial assistance to such business, provided (1) if such business has employees, not less than seventy-five per cent of such employees work in Connecticut, and (2) such business demonstrates private investment dollars of not less than ten cents for every dollar of financial assistance sought under this subsection. Any such additional award of financial assistance shall not exceed two hundred thousand dollars.

[(c)] (d) The corporation may enter into an agreement, pursuant to chapter 55a, with a nonprofit corporation providing services and resources to entrepreneurs and businesses to operate such program.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2014	32-41x

CE

Joint Favorable