Senate Bill No. 1424 authorizes the International Institute for Astronautical Sciences, located in Groton, to confer degrees and grant diplomas or certificates that are customary in higher education institutions. This authority is granted in accordance with the institute's bylaws and subject to the requirements set by the Office of Higher Education, as outlined in section 10a-34 of the general statutes. The bill introduces a new section that specifically empowers the institute to confer these academic credentials.

The bill is expected to have no fiscal impact on the state or municipalities, as it does not alter any costs associated with the Office of Higher Education's regulatory responsibilities. The Higher Education and Employment Advancement Committee reported the bill favorably, with unanimous support, indicating a strong consensus on the need for this legislative change.