The Connecticut Senate has passed S.B. No. 1051, AN ACT CONCERNING CTNEXT PLANNING GRANTS-IN-AID AND INNOVATION PLACE DESIGNATION APPLICATIONS, INVEST CT FUND TAX CREDIT TRANSFERABILITY AND STATE INVESTMENTS WITH VENTURE CAPITAL FIRMS.
This bill makes the following changes to various entrepreneurship and investment programs:
1. allows CTNext, a Connecticut Innovations subsidiary, to accept additional rounds of innovation place applications and planning grant applications (§ 1);
2. allows insurance companies who hold Invest CT tax credits to sell or otherwise transfer those credits to any taxpayer, rather than just to their affiliates, and makes a conforming change (§§ 2 & 3); and
3. imposes various requirements on venture capital investments the Treasurer makes after July 1, 2017 (§ 4).