Connecticut Senate Bill SB01001

Connecticut 2011 Regular Session

• Introduced: 2/17/11
• Refer: 2/17/11
• Report Pass: 3/22/11
• Report Pass: 4/7/11
• Refer: 4/18/11
• Report Pass: 4/26/11
• Engrossed: 6/3/11
• Report Pass: 6/5/11
• Chaptered: 6/17/11
• Enrolled: 6/24/11
• Passed: 7/8/11

Caption

An Act Creating The First Five Program.

Impact

The bill's passage is expected to have a notable impact on state laws concerning economic incentives and job creation strategies. By providing tax credits and financial assistance to selected business development projects, the First Five Program aims to streamline processes for businesses. This could lead to increased competition among local businesses for funding, as well as a surge in job opportunities, particularly as businesses meet the criteria outlined in the legislation for job creation and investment.

Summary

Senate Bill 01001, also known as the First Five Program, was designed to stimulate economic development in the state by encouraging business expansion and the creation of new jobs. This initiative allows the Department of Economic and Community Development to offer substantial financial assistance to eligible business projects that commit to creating specified numbers of jobs or investing significant capital within defined timeframes. The overarching goal of the program is to enhance the state's economic landscape by attracting investments and fostering job growth in key sectors.

Sentiment

The sentiment surrounding SB 01001 is generally positive, with supporters arguing that it represents a proactive approach to addressing economic challenges and promoting growth. Legislators backing the bill highlight its potential to revitalize local economies and bring substantial investment into the state. Conversely, concerns have been raised regarding the adequacy of oversight and monitoring of these funds, as well as whether such financial assistance will be utilized effectively to yield tangible economic benefits.

Contention

Key points of contention include the criteria for project eligibility and the prioritization of redevelopment projects. Some lawmakers have expressed concerns that the financial commitments required may not adequately reflect the diverse needs of various communities, particularly in underrepresented areas. Additionally, the potential implications of exempting certain financial assistance from existing regulations have led to debates about the long-term sustainability of the program and its effectiveness in achieving the job creation goals established.