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Senator Hartley, Representative Meskers, Senator Martin, Representative Aniskovich, and members of the Commerce Committee, thank you for the opportunity to submit testimony in support of HB 5244 AAC the Department of Economic Development and Community Development’s Recommendations Regarding the Agency Financial Assistance Cap and Employment of Promissory Notes.
My name is Jodie Gillon, President and CEO of BioCT. BioCT is a leading voice for the life science industry in Connecticut. Our mission is to catalyze and accelerate growth in the life sciences with the goal of improving human health by fostering a rich, innovative ecosystem and promoting Connecticut as a preferred destination for life science exploration and innovation. Our members include life and healthcare science companies, major research universities and other academic institutions, health centers, medical device developers and manufacturers, and other partners. We educate, cultivate entrepreneurship, support the growth of life science companies, and collaborate to ensure a sustainable, high-value life science and healthcare community that improves our quality of life and keeps the Connecticut economy strong.
On behalf of our organization, I would like to voice my support for HB 5244. This bill modifies the regulations surrounding employment promissory notes by clarifying that employers cannot require employees to sign such notes as a condition of employment, rendering any such agreements void. However, it does allow an exception for promissory notes related to the repayment of federal H-1B visa application fees paid by employers on behalf of employees. This change is intended to protect employees from financial obligations tied to their employment while allowing for specific exceptions that support workforce needs.
The life sciences industry contributes about $14 billion to the state’s GDP each year. BioCT links together the pharmaceutical, life science, medical device, healthcare, and emerging digital health community in the state. We support the growth of emerging companies and start-ups, as well as the recruitment of new companies and industry services, to continue to expand our ecosystem and the strength of our state economy.
Connecticut’s H-1B workforce includes many high-skilled life sciences professionals. These highly skilled workers also result in high-tax bracket jobs. It is imperative that we continue to recruit specialized talent from around the world, especially now, as we face brain drain amid visa challenges that pose a major threat to our industry. We need to ensure that we not only retain every employee but also easily recruit the most highly skilled workers in Connecticut. Connecticut needs to remain competitive with other states to maintain and foster the growth of the life sciences industry.
Thank you for your consideration of this testimony. Please support HB 5244.
Jodie Gillon
President & CEO, BioCT