Connecticut House Bill HB07264

Connecticut 2017 Regular Session

• Introduced: 3/10/17
• Refer: 3/10/17

Caption

An Act Requiring Legislative Approval For Financial Assistance To Additional First Five Plus Program Business Development Projects.

Impact

If enacted, HB 07264 would stipulate that before any financial assistance is allocated, the Commissioner of Economic and Community Development must submit a report that evaluates the net rate of return on previously funded projects. This report will inform the decision-making process of the legislative committees, which would have the power to approve or disapprove future funding initiatives. Proponents of the bill argue that this step is essential for transparency and aligns with best practices in state financial management.

Summary

House Bill 07264 seeks to amend the existing framework for the 'first five plus program', which is designed to foster business expansion and job creation in the state. The bill mandates that any financial assistance provided to new business development projects under this program must receive prior approval from the legislative commerce and finance committees. This is a significant change aimed at enhancing legislative oversight over state-funded projects and ensuring accountability regarding public financial assistance.

Contention

The bill has sparked a debate about the balance between legislative oversight and the efficiency of economic development efforts. Supporters claim that increased scrutiny is necessary to prevent misuse of state funds, while critics argue that such a requirement could delay or deter businesses from pursuing development projects in the state. This tension highlights the ongoing discussion about the role of government in economic management and the need for both accountability and agility in promoting business growth.