Substitute for Raised S.B. No. 1026
Session Year 2019


AN ACT CONCERNING A MARKETING PLAN TO PROMOTE THE BIOSCIENCE INDUSTRY IN THE STATE.

To (1) eliminate the capital base tax for companies with less than five hundred thousand dollars of net income in an income year; (2) eliminate the cap on the aggregate amount of tax credits and excess tax credits allowable to businesses subject to the corporation business tax; (3) require the Commissioner of Economic and Community Development to implement the development, research and economic assistance matching grant program; (4) require Connecticut Innovations, Incorporated to contract with an advertising agency to develop a marketing plan, social media campaign, and Internet web site to promote the state as a bioscience hub; and (5) establish the position of biotechnology ambassador within the Department of Economic and Community Development.