The proposed legislation, General Assembly Raised Bill No. 5244, aims to amend existing laws regarding financial assistance caps and employment promissory notes. Specifically, it increases the financial assistance cap from ten million dollars to twenty-five million dollars for applicants seeking financial aid for business projects from the Department of Economic and Community Development or Connecticut Innovations, Incorporated. This change will take effect on July 1, 2026, and will apply to income and taxable years starting January 1, 2026. Additionally, the bill repeals the previous definition of "biotechnology business project" and removes the specific financial assistance cap for such projects, which was previously set at twenty million dollars.

Furthermore, the 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 introduces 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.

Statutes affected:
Raised Bill: 32-462, 31-51r