Connecticut Seal

General Assembly

 

Proposed Bill No. 619

 

January Session, 2017

 

LCO No. 1722

 

*01722*

Referred to Committee on COMMERCE

 

Introduced by:

 

SEN. FASANO, 34th Dist.

SEN. WITKOS, 8th Dist.

 

AN ACT CONCERNING REPORTING AND LEGISLATIVE OVERSIGHT OF THE FIRST FIVE PLUS PROGRAM.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That section 32-4l of the general statutes be amended to (1) require the Commissioner of Economic and Community Development to report to the joint standing committee of the General Assembly having cognizance of matters relating to commerce not later than January 1, 2018, and annually thereafter, regarding projects funded through the first five plus program, including the number of jobs created, the impact on the economy and the net rate of return to the state for the entire first five plus portfolio, taking into account all loans that have been forgiven and all tax credits that have been allowed, and, based on the net rate of return, make recommendations as to the continuation of or any modifications to the first five plus program, and (2) require the joint standing committee of the General Assembly having cognizance of matters relating to commerce to hold a public hearing and vote to approve or disapprove such recommendations.

Statement of Purpose:

To increase reporting and oversight of large, state-funded development projects under the first five plus program.