Bill Text: CT SB00221 | 2012 | General Assembly | Comm Sub
Bill Title: An Act Concerning Certain Economic Incentives For Relocating Jobs That Are Outside Of The United States To The State.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-05-01 - Senate Recommitted to Commerce [SB00221 Detail]
Download: Connecticut-2012-SB00221-Comm_Sub.html
General Assembly |
||
February Session, 2012 |
*_____SB00221CE____030212____* |
AN ACT CONCERNING CERTAIN ECONOMIC INCENTIVES FOR RELOCATING JOBS THAT ARE OUTSIDE OF THE UNITED STATES TO THE STATE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 32-4l of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) (1) The Department of Economic and Community Development shall establish a first five plus program to encourage business expansion and job creation. As part of said program, the department may provide substantial financial assistance to up to ten eligible business development projects in the fiscal year ending June 30, 2012, and up to five eligible business development projects in the fiscal year ending June 30, 2013.
(2) A business development project eligible for financial assistance under the first five plus program shall commit, in the manner prescribed by the Commissioner of Economic and Community Development, to (A) create not less than two hundred new jobs within twenty-four months from the date such application is approved; or (B) invest not less than twenty-five million dollars and create not less than two hundred new jobs within five years from the date such application is approved.
(3) The Commissioner of Economic and Community Development may give preference to a business development project that (A) involves the relocation of an out-of-state or international manufacturer or corporate headquarters, (B) involves the relocation of jobs that are outside of the United States to the state, or [(B)] (C) is a redevelopment project if the commissioner believes such redevelopment project will create jobs sooner than the schedule set forth in subdivision (2) of this subsection.
(4) The Commissioner of Economic and Community Development may, in awarding financial assistance to an eligible business development project, work with the Connecticut Development Authority and Connecticut Innovations, Incorporated, to secure financing for such project.
(5) The Commissioner of Economic and Community Development shall certify to the Governor for his or her approval that a business development project applicant has satisfied all the eligibility criteria in the program. Financial assistance awarded through the first five plus program shall be with the written consent of the Governor.
Sec. 2. Subsection (a) of section 32-235 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate one billion fifteen million three hundred thousand dollars, provided one hundred forty million dollars of said authorization shall be effective July 1, 2011, and twenty million dollars of said authorization shall be made available for small business development. Two hundred eighty million dollars of said authorization shall be effective July 1, 2012, and forty million dollars of said authorization shall be made available for small business development and twenty million dollars of said authorization shall be made available for businesses that commit to relocating one hundred or more jobs that are outside of the United States to the state. Any amount of said authorizations that are required to be made available for small business development or businesses that commit to relocating one hundred or more jobs that are outside of the United States to the state but are not exhausted for such purpose by the first day of the fiscal year subsequent to the fiscal year in which such amount was made available shall be used for the purposes described in subsection (b) of this section. For purposes of this subsection, a "small business" is one employing not more than fifty employees.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
32-4l(a) |
Sec. 2 |
from passage |
32-235(a) |
Statement of Legislative Commissioners:
In section 2, changed "any business that commits" to "businesses that commit" for clarity and to reflect the intent of the committee.
CE |
Joint Favorable Subst.-LCO |