Connecticut Senate Bill SB00538

Connecticut 2015 Regular Session

• Introduced: 1/22/15
• Refer: 1/22/15

Caption

An Act Allowing Learn Here, Live Here Funds To Be Used To Start A New Business In The State.

Impact

If enacted, this bill would potentially encourage recent graduates to remain in Connecticut by providing them with financial resources to initiate new businesses instead of solely investing in home purchases. This change could enhance the state's job market and support economic development initiatives by increasing the number of new businesses, particularly in underserved areas. Moreover, it aligns with broader objectives of retaining talent and promoting innovation within the state.

Summary

SB00538 aims to enliven the state's entrepreneurial landscape by permitting funds from the 'Learn Here, Live Here' program to be utilized for starting new businesses in Connecticut. Historically, this program has been limited to aiding students with down payments on their first homes, deriving funds from a portion of their state income tax payments. The proposed amendment seeks to broaden the program's scope, directing financial assistance towards fostering entrepreneurship among graduates who wish to establish their own ventures.

Contention

While the objective of bolstering economic activity through entrepreneurial support is generally advantageous, concerns may arise around the effective management and distribution of these funds. Critics may question whether the expansion of the program could dilute its original intent, leading to a misallocation of resources meant for housing assistance. Further, there could be debates about the criteria for fund allocation to new businesses, ensuring that the most promising startups receive adequate support without unintended biases.