The proposed legislation, General Assembly Raised Bill No. 5466, aims to establish a working group tasked with studying and making recommendations regarding the angel investor tax credit program, as outlined in section 12-704d of the general statutes. The working group will review an audit summary conducted by the Auditors of Public Accounts on the administration of this program by Connecticut Innovations, Incorporated for the fiscal years ending June 30, 2022, and June 30, 2023. The group will be composed of various members, including chairpersons and ranking members of the relevant joint standing committee, the CEO of Connecticut Innovations or their designee, the Commissioner of Economic and Community Development or their designee, and any additional members deemed necessary by the committee chairpersons.

The bill mandates that the first meeting of the working group be scheduled within sixty days of the bill's passage, with the members selecting two co-chairpersons from among themselves. The administrative staff of the joint standing committee will provide support to the working group. A report detailing the findings and recommendations of the working group must be submitted to the joint standing committee by January 1, 2027, after which the group will be dissolved. The bill includes new legal language to establish this working group and does not propose any deletions from existing law.