Pro-business Bill Signed into Law

A bipartisan jobs bill with special help for Connecticut’s small businesses and manufacturers has been signed into law by Gov. Rell. Public Act 10-75 (HB-5435) was a widely hailed accomplishment of the 2010 General Assembly.
Among other things, the new law provides:

• Up to $500,000 in loans and lines of credit for small businesses and nonprofits
• Up to $150,000 in pre-seed financing and technical services to businesses developing innovative concepts
• 25%  personal income tax credits for up to $100,000 in angel investments in bioscience, photonics, information technology and green technology businesses
• Sales tax exemption for machinery, supplies and fuel used in renewable energy industries
• Tax credits and a cap on insurance premiums for small businesses that create new jobs and/or hire workers with disabilities
• Education loan reimbursement and training grants and careers in green technology, life sciences and health information technology

In addition, the bill has provisions to help the state operate more efficiently and become more effective in helping Connecticut businesses.
Among other things, it requires:

• A task force to study how to reduce or eliminate duplicative procedures and the use of paper in state government
• The DECD to provide businesses with more technical assistance for exporting and manufacturing and to help companies in the same industry clusters increase their competitiveness
• A DECD pilot program to help Connecticut-based small manufacturers implement green technologies and increase their operational efficiency

For more information about this new law, contact Bonnie Stewart at 860.244.1925 or bonnie.stewart@cbia.com.