Connecticut House Bill HB05269

Connecticut 2012 Regular Session

• Introduced: 2/23/12
• Refer: 2/23/12
• Report Pass: 3/15/12
• Refer: 3/23/12
• Report Pass: 3/29/12
• Engrossed: 5/1/12
• Report Pass: 5/2/12

Caption

An Act Concerning Reporting Requirements And Enforcing Job Creation Commitments On Certain State-sponsored Projects.

Impact

The introduction of HB 05269 is expected to have a significant impact on state laws related to economic development. By establishing a structured framework for state-sponsored projects that require job creation commitments, the bill encourages local businesses to engage in expansion activities and attracts out-of-state businesses to invest in Connecticut. Furthermore, the Commissioner of Economic and Community Development is empowered to oversee compliance and enforce job creation commitments, ensuring accountability among businesses that receive state assistance.

Summary

House Bill 05269, titled 'An Act Concerning Reporting Requirements And Enforcing Job Creation Commitments On Certain State-sponsored Projects', aims to enhance job creation and business development within the state of Connecticut. The bill proposes the establishment of a program called 'first five plus', which is designed to provide financial assistance to eligible business development projects that commit to creating a minimum of two hundred new jobs within a specified timeframe. This legislative measure is intended to stimulate economic growth by incentivizing businesses to expand their operations in the state.

Sentiment

The sentiment surrounding HB 05269 appears to be largely positive, particularly among lawmakers who prioritize economic development and job creation. Supporters argue that the bill represents a proactive approach to bolster the state's economy and facilitate job opportunities for residents. However, there may be concerns about the adequacy of oversight and potential misuse of the financial assistance provided, leading to questions about the long-term effectiveness of such programs.

Contention

Notable points of contention may arise regarding the criteria for selecting eligible projects and the long-term effectiveness of the 'first five plus' program. Critics may raise concerns about the reliance on tax incentives and financial assistance to drive business growth, questioning whether such measures truly yield sustainable benefits for the state's economy. Additionally, there could be debates about the potential impacts on smaller businesses that may not qualify for the program or be able to compete with larger firms receiving substantial state support.