Economic development gets Commerce Committee boost

(Feb. 22, 2008) Proposals introduced by the Commerce Committee are intended to bolster the state’s knowledge economy and encourage economic development, brownfields remediation and start-up companies. Many measures are particularly designed to help small businesses in the state. Here are some of the major initiatives that the commerce committee hopes to tackle:

Economic development
SB-399 creates a task force to study how to provide regulatory relief to small businesses.
SB-400 eliminates the $250 business entity tax as of Jan. 1, 2008.
SB-401 commissions a study to determine if a tax credit program could be created to encourage investment in emerging industries.

Brownfields
HB-5586 gives the Department of Economic and Community Development (DECD) funds to create a nonlapsing brownfields remediation and redevelopment fund that will staff positions and promote the recapture of brownfield sites.
HB-5589 implements the recommendations of the Brownfields Taskforce providing grants for development projects, low-interest loans to brownfields purchasers, and allowing for tax credits for investigation and remediation of brownfields.

Entrepreneurship
SB-393 authorizes funding of up to $8 million to Connecticut Innovations for the BioScience Facilities Fund to create laboratory space and adopt best manufacturing process principles.
SB-395 helps Connecticut Innovations create a commercialization program and provides funding for Small Business Innovation Research awardees.
SB-398 provides funding to Connecticut Innovations and the DECD to create an online information network to identify high-potential start-up companies.

Skilled workforce
HB-5584 increases funding for incumbent worker training.
HB-5585 in part, requires the state to develop a film and digital media industry training program.
HB-5588 provides new funding for incumbent worker training programs for the northwest corner of the state.

Environmental
SB-389 expands the types of projects eligible for funding from the Connecticut Clean Energy Fund, including those reducing carbon footprints, reducing air, noise or water pollution, and creating jobs or increasing the tax base.

In addition, the committee is looking at several proposals to boost Connecticut’s cultural attractions and tourism industry.

For more information, contact CBIA's Jesmin Basanti at 860-244-1929 or basantij@cbia.com.