Substitute House Bill No. 5300, known as Public Act No. 24-33, amends the Invest CT Fund Program to encourage investment in Connecticut-based businesses. The bill defines key terms and sets criteria for businesses to be eligible for investment, such as having principal operations in Connecticut, fewer than 250 employees, and not more than ten million dollars in net income in the previous year. It also outlines the requirements for an Invest CT fund, including management experience and minimum equity investment. The bill details the tax credit structure for investments made before and after June 30, 2015, with a cap on the total amount of tax credits allowed. Insertions and deletions in the bill address the application process for certification as an Invest CT fund and for allocations of tax credits, including application fees, evidence of meeting fund requirements, affidavits from taxpayers, a detailed business plan, and a commitment to invest in green technology businesses and preseed investments.

The bill also introduces provisions for investment commitments, requiring a certain percentage of eligible capital to be invested in cybersecurity businesses and in eligible businesses located in larger municipalities. It allows the commissioner to consider businesses outside Connecticut as eligible for the program under certain conditions and requires the commissioner to report to the General Assembly on approved requests. The bill outlines annual reporting requirements for Invest CT funds, conditions for making distributions or payments, and the state's entitlement to a share of any distribution. It also establishes the commissioner's authority to review compliance, set grounds for decertification, and notify taxpayers of tax credit recapture or forfeiture. The bill was approved on May 21, 2024.