Commerce Committee Approves Pro-Business Legislation

March 14, 2019

Connecticut is taking important steps to improve our economy and stimulate job-growth. The Commerce Committee today approved a battery of pro-business, pro-job growth legislation.

HB 5005 - An Act Extending the Angel Investor Tax Credit Program and Expanding Eligibility for the State's Set-Aside Program for Small Contractors

The bill would extend the angel investor tax credit program for five years and increase the aggregate amount of angel investor tax credits that may be reserved annually from $3 million to $5 million. The legislation would increase the maximum total tax credits allowed to an angel investor from $250,000 to $500,000 and prioritize angel investments in veteran-owned, women-owned or minority-owned businesses and businesses owned by individuals with disabilities. Start-ups funded by angel investors are 14-23 percent more likely to survive and create 40 percent more jobs than those that do not have angel funding.

The bill would also open the door to more of the state’s small contractors through Connecticut’s set-aside program.

HB 7008 - An Act Implementing the Recommendations of the Working Group on a Public-Private Partnership to Recruit Businesses to Connecticut

The goal of the legislation is to attract businesses to Connecticut by improving the state’s marketing plan.

HB 7308 - An Act Implementing the Recommendations of the Telecommunications Systems Steering Committee Concerning the State's Electronic Business Portal

The bill would create a one-stop-shop online business portal, cutting red-tape and eliminating roadblocks for businesses seeking anything from permits, to tax credits.

SB 854 - An Act Promoting Careers In Manufacturing to Public School Students and Establishing a Task Force to Study the Demand for Career and Technical Education Teachers

Businesses are seeking well-trained employees and we have improved manufacturing training in our technical schools and community colleges. This legislation would increase awareness about careers in manufacturing, military and law enforcement and require local and regional school districts to develop goals for career placement for students who choose not to attend college.

This package of legislation will positively impact the economy and put Connecticut on a better footing for the future. I want to thank the entire Commerce Committee for their hard work, pointed questions and insightful debate.