Bill Text: CT SB00231 | 2014 | General Assembly | Comm Sub

Connecticut Senate Bill 231 (Prior Session Legislation)

Bill Title: An Act Increasing The Cap On The Urban And Industrial Site Tax Credit And Threshold For Legislative Approval Of Financial Assistance.

Sponsorship: Committee Bill

Status: (Introduced - Dead) 2014-04-09 - Referred by Senate to Committee on Finance, Revenue and Bonding [SB00231 Detail]

Download: Connecticut-2014-SB00231-Comm_Sub.html

General Assembly		*Substitute Bill No. 231*
*February Session, 2014*		_____SB00231CE____032014____

AN ACT INCREASING THE CAP ON THE URBAN AND INDUSTRIAL SITE TAX CREDIT AND THRESHOLD FOR LEGISLATIVE APPROVAL OF FINANCIAL ASSISTANCE.

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

Section 1. Subsection (i) of section 32-9t of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):

(i) (1) There shall be allowed as a credit against the tax imposed under chapters 207 to 212a, inclusive, or section 38a-743, or a combination of said taxes, an amount equal to the following percentage of approved investments made by or on behalf of a taxpayer with respect to the following income years of the taxpayer: (A) With respect to the income year in which the investment in the eligible project was made and the two next succeeding income years, zero per cent; (B) with respect to the third full income year succeeding the year in which the investment in the eligible project was made and the three next succeeding income years, ten per cent; (C) with respect to the seventh full income year succeeding the year in which the investment in the eligible project was made and the next two succeeding years, twenty per cent. The sum of all tax credits granted pursuant to the provisions of this section shall not exceed one hundred million dollars with respect to a single eligible urban reinvestment project or a single eligible industrial site investment project approved by the commissioner. The sum of all tax credits granted pursuant to the provisions of this section shall not exceed [six hundred fifty] eight hundred million dollars.

(2) Notwithstanding the provisions of subdivision (1) of this subsection, any applicant may, at the time of application, apply to the commissioner for a credit that exceeds the limitations established by this subsection. The commissioner shall evaluate the benefits of such application and make recommendations to the General Assembly relating to changes in the general statutes [which] that would be necessary to effect such application if the commissioner determines that the proposal would be of economic benefit to the state.

Sec. 2. Subsection (q) of section 32-9t of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):

(q) (1) Any tax credits approved under this section that would constitute in excess of [twenty] twenty-seven million dollars in total for a single investment shall be submitted by the Commissioner of Economic and Community Development to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding prior to the issuance of a certificate of eligibility for such investment. Said committee shall have thirty days from the date such project is submitted to convene a meeting to recommend approval or disapproval of such investment. If such submittal is withdrawn, altered, amended or otherwise changed, and resubmitted, said committee shall have thirty days from the date of such resubmittal to convene a meeting to recommend approval or disapproval of such investment. If said committee does not act on a submittal or resubmittal, as the case may be, within that time, the investment shall be deemed to be approved by said committee.

(2) While the General Assembly is in session, the House of Representatives or the Senate, or both, may meet not later than thirty days following the date said committee makes a recommendation pursuant to subdivision (1) of this subsection. If such submission is not disapproved by the House of Representatives or the Senate, or both, within such time, the commissioner may issue such certificate.

(3) While the General Assembly is not in regular session, the House of Representatives or the Senate, or both, may meet not later than thirty days following the date said committee makes a recommendation pursuant to subdivision (1) of this subsection. If such submission is not disapproved by the House of Representatives, the Senate, or both, within such time, the commissioner may issue such certificate.

Sec. 3. Section 32-462 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):

(a) As used in this section:

(1) "Agency" means the Department of Economic and Community Development or Connecticut Innovations, Incorporated.

(2) "Financial assistance" means grants, loans, loan guarantees, contracts of insurance, investments, or combinations thereof, which are provided from the proceeds of bonds, notes or other obligations of the state or an agency [which] that constitute a debt or liability of the state or [which] that are secured by a special capital reserve fund payable from amounts appropriated or deemed appropriated from the General Fund.

(3) "Applicant" means any eligible applicant seeking financial assistance from an agency for a business project. The term "applicant" shall not include any political subdivision of the state.

(4) "Business project" means a business proposal undertaken by one or more applicants, but does not include housing unless undertaken in combination with another unrelated type of business.

(5) "Biotechnology business project" means any commercial project to be used or occupied by any person to conduct laboratory activity relating to, or the research, development or manufacture of, biologically active molecules or devices that apply to, affect or analyze biological processes.

(b) (1) No agency or agencies may award more than a total of [ten] sixteen million dollars of financial assistance during any two-year period to an applicant or for a business project unless such financial assistance is specifically authorized by an act of the General Assembly. [which has been enacted before, on or after July 1, 1994.] (2) The provisions of subdivision (1) of this subsection shall not apply to any awards funded or to be funded by bonds authorized to be issued by the State Bond Commission before July 1, 1994.

(c) Notwithstanding the provisions of subsection (b) of this section, no agency or agencies may award more than [twenty] twenty-six million dollars of financial assistance for a biotechnology business project during any two-year period unless such financial assistance is specifically authorized by an act of the General Assembly. [which has been enacted before, on or after July 1, 2001.]


This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2014	32-9t(i)
Sec. 2	July 1, 2014	32-9t(q)
Sec. 3	July 1, 2014	32-462