Connecticut Senate Bill SB00307

Connecticut 2016 Regular Session

• Introduced: 2/25/16
• Refer: 2/25/16
• Report Pass: 3/15/16

Caption

An Act Concerning Knowledge Center Enterprise Zones.

Impact

The bill is expected to have significant implications on state laws governing enterprise zones. It introduces a structured framework where the economic benefits of the zones must outweigh the costs to the state and municipalities. By limiting the geographic scope of these zones and defining specific criteria for approval, SB00307 seeks to ensure that the initiatives are sustainable and beneficial for local economies. Businesses operating within these zones will have the opportunity to access various benefits typically associated with enterprise zones, promoting further economic activity.

Summary

SB00307, titled 'An Act Concerning Knowledge Center Enterprise Zones', aims to create knowledge center enterprise zones around institutions of higher education in Connecticut. The bill empowers the Commissioner of Economic and Community Development to establish these zones upon receiving suitable proposals from colleges, universities, or other institutions. The proposed zones are meant to stimulate economic growth by fostering collaboration between businesses and educational institutions, with a focus on job creation and community development.

Sentiment

The sentiment around SB00307 seems to be generally positive among supporters who view it as a necessary step to enhance economic growth and job creation. Proponents argue that establishing these zones leverages the existing infrastructure and intellectual capital of higher education institutions, creating a fertile environment for innovation and business development. However, there might be concerns regarding the potential financial implications for the state and municipalities, as the bill also accounts for potential lost revenue when establishing these zones.

Contention

Notable points of contention regarding SB00307 may arise from discussions about the appropriateness of state intervention in the establishment of local economic zones, as well as concerns about the effectiveness of such strategies in achieving their stated goals. Critics might challenge whether the anticipated economic benefits truly justify the costs and whether existing regulations are sufficient. Additionally, questions may be raised about the performance assessment of these zones and the criteria for their continuation or removal after the initial ten-year period.