PA 09-172—sSB 972

Commerce Committee

Government Administration and Elections Committee

Finance, Revenue and Bonding Committee


SUMMARY: By law, Connecticut Innovations, Inc. (CII) must file an annual report on its financial assistance programs that has certain information about the companies receiving financial assistance, including each company's gross revenue for its most recent fiscal year. This act requires CII to report gross revenue only for companies that make the information public in the normal course of business. It requires CII to report the gross revenues of other companies separately while concealing their names and identities. This must be consistent with the law that already exempts from the Freedom of Information Act financial and credit information and trade secrets applicants submit.

The act allows the governor and chairpersons and ranking members of the Finance, Revenue and Bonding and Commerce committees, after a request to CII, to examine the detailed report data in confidence, including the specific revenue data for each identifiable business included in the report. It allows the committee chairpersons and ranking members to disclose the data to other committee members and requires that they also keep the data confidential.

EFFECTIVE DATE: July 1, 2009

OLR Tracking: RP: CR: PF: ts