John Fonfara

State Senator

John Fonfara

Deputy President Pro Tempore

June 1, 2017

Sen. Fonfara Leads Senate Passage of Bill Supporting Economic Growth in CT

Hartford, CT– Senator John Fonfara (D-Hartford) today led unanimous senate passage of a finance bill that supports Connecticut’s economic growth by expanding access to Innovation Places grants, improving how Invest CT funds are sold, and increasing the Office of the Treasure’s investments in Connecticut businesses.

SB 1051 would make the following changes to various entrepreneurship and investment programs:

  • Allows CT Next to accept applications for Innovation Place grants in addition to the initial application round authorized under current law.
  • Allows insurance companies who hold Invest CT tax credits to sell or otherwise transfer those credits to any taxpayer, rather than just to their affiliates, and makes a conforming change.
  • Imposes various requirements on venture capital investments the Treasurer makes after July 1, 2017, including a requirement that if the Treasurer chooses to invest state money in a startup business, venture capital fund, the firm she chooses must have a presence in the state.

The bill passed unanimously in the Senate on Thursday and next goes to the House of Representatives for consideration.