Substitute House Bill No. 5299, Public Act No. 24-149, introduces significant revisions to the JobsCT program and related statutes, as recommended by the Department of Economic and Community Development. The bill updates the definitions and criteria for the JobsCT tax rebate program, which incentivizes businesses that create jobs in Connecticut. Notable changes include an updated definition of "New FTEs" to exclude FTEs that existed in the state within the two years prior to a business's application for a rebate, and a revised definition of "Qualified FTE" with new wage criteria. The bill also outlines the application process for the tax rebate, the commissioner's role in determining eligibility, and the criteria for what constitutes a qualified business. It introduces flexibility for the commissioner to substitute different requirements for applicants who cannot meet the original targets and metrics, and it sets a cap on the rebate amount, with additional rebates for employing individuals with intellectual disabilities.

The bill establishes the Community Investment Fund 2030 Board within the Department of Economic and Community Development, detailing its composition, appointment process, and responsibilities. The board is tasked with reviewing eligible projects for funding recommendations and prioritizing projects that involve local hiring preferences and leverage additional funds. The bill authorizes the State Bond Commission to issue bonds up to $875 million over several fiscal years for economic development projects and removes the requirement for the Commissioner of Economic and Community Development to approve plans before undertaking a project. It also repeals the statute that established CTNext as a subsidiary of Connecticut Innovations, Incorporated, transferring responsibilities to the Department of Economic and Community Development and redefining various terms. The bill includes numerous insertions and deletions, such as the transfer of duties from CTNext to the commissioner, and outlines the administration of grants-in-aid for innovation entities and the designation of innovation places.

Statutes affected:
Public Act No. 24-149: 32-39f, 32-39g, 32-39i, 32-39k, 32-39l, 32-39m, 32-39o, 32-39t, 32-39x, 32-357