Connecticut Senate Bill SB00422

Connecticut 2014 Regular Session

• Introduced: 3/6/14
• Refer: 3/6/14

Caption

An Act Concerning Knowledge Center Enterprise Zones.

Impact

The bill mandates that proposals for these knowledge center enterprise zones include plans for the geographic scope, types of businesses to be developed, and anticipated job creation. The Commissioner of Economic and Community Development will evaluate the potential economic benefits against the expected costs. If successful, the zones could alter the economic landscape by integrating educational institutions into local business environments, potentially fostering innovation and employment opportunities. Additionally, performance assessments are to be conducted no less than ten years from the establishment of any zone, which could lead to the retraction of the enterprise zone status if economic goals are not met.

Summary

SB00422, also known as the Act Concerning Knowledge Center Enterprise Zones, seeks to establish up to ten designated enterprise zones around colleges, universities, and other institutions of higher learning in the state. This initiative is driven by the intent to stimulate economic development in these areas by facilitating collaboration between educational institutions and local businesses. The zones will aim to create jobs and enhance community growth while providing certain benefits to businesses within the zones under existing statutes for enterprise zones.

Contention

While the bill aims to promote development and collaboration, there may be concerns regarding the balance of benefits to the state and municipalities versus the potential loss of revenue. Critics might argue that establishing these zones could divert necessary funds from local services, particularly if businesses within these zones receive significant tax breaks. Furthermore, the implementation process will require careful monitoring to ensure that the anticipated economic benefits are realized without undermining local government resources.