Connecticut 2019 Regular Session

Connecticut House Bill HB07080 Compare Versions

Only one version of the bill is available at this time.

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3	3	LCO No. 3723 1 of 6
4	4
5	5	General Assembly Raised Bill No. 7080
6	6	January Session, 2019
7	7	LCO No. 3723
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10	10	Referred to Committee on COMMERCE
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12	12
13	13	Introduced by:
14	14	(CE)
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19	19	AN ACT CONCERNING CE RTAIN REPORTING REQUIREMEN TS OF
20	20	THE DEPARTMENT OF EC ONOMIC AND COMMUNITY
21	21	DEVELOPMENT.
22	22	Be it enacted by the Senate and House of Representatives in General
23	23	Assembly convened:
24	24
25	25	Section 1. Subsections (a) to (c), inclusive, of section 32-1m of the 1
26	26	general statutes are repealed and the following is substituted in lieu 2
27	27	thereof (Effective October 1, 2019): 3
28	28	(a) Not later than February first, annually, the Commissioner of 4
29	29	Economic and Community Development shall submit a report to the 5
30	30	Governor, the Auditors of Public Accounts and the joint standing 6
31	31	committees of the General Assembly having cognizance of matters 7
32	32	relating to appropriations and the budgets of state agencies, finance, 8
33	33	revenue and bonding and commerce, in accordance with the 9
34	34	provisions of section 11-4a. Not later than thirty days after submission 10
35	35	of the report, said commissioner shall post the report on the 11
36	36	Department of Economic and Community Development's we b site. 12
37	37	Such report shall include, but not be limited to, the following 13
38	38	information with regard to the activities of the Department of 14 Raised Bill No. 7080
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42	42	LCO No. 3723 2 of 6
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44	44	Economic and Community Development, [and to business assistance 15
45	45	or] business assistance programs administered by Connecticut 16
46	46	Innovations, Incorporated and tax incentive programs not 17
47	47	administered by the department, during the preceding state fiscal year: 18
48	48	(1) A brief description and assessment of the state's economy during 19
49	49	such year, utilizing the most recent and reasonably available data, and 20
50	50	including: 21
51	51	(A) Connecticut employment by industry; 22
52	52	(B) Connecticut and national average unemployment; and 23
53	53	(C) Connecticut gross state product, by industry. 24
54	54	(2) An analysis of the economic development portfolio of the 25
55	55	department, including, but not limited to, each business assistance or 26
56	56	incentive program, including any business tax credit or abatement 27
57	57	program, grant, loan, forgivable loan or other form of assistance, 28
58	58	enacted for the purpose of improving economic development. The 29
59	59	analysis shall include: 30
60	60	(A) The Internet web site address of the state's open data portal and 31
61	61	an indication of where the name, address and location of each recipient 32
62	62	of the department's assistance is published on the site along with the 33
63	63	following information concerning each recipient: (i) Business activities, 34
64	64	(ii) standard industrial classification codes or North American 35
65	65	industrial classification codes, (iii) whether the recipient is a minority 36
66	66	or woman-owned business, (iv) a summary of the terms and 37
67	67	conditions for the assistance, including the type and amount of state 38
68	68	financial assistance and job creation or retention requirements, (v) the 39
69	69	amount of investments from private and other nonstate sources that 40
70	70	have been leveraged by the assistance, and (vi) the amount of state 41
71	71	investment; 42
72	72	(B) A portfolio analysis, including an analysis of the wages paid by 43
73	73	recipients of financial assistance by industry; 44 Raised Bill No. 7080
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79	79	(C) An investment analysis, including (i) total portfolio value, (ii) 45
80	80	total investment by industry, (iii) portfolio dollar per job average, (iv) 46
81	81	portfolio leverage ratio; 47
82	82	(D) An overview of the business assistance and incentive programs 48
83	83	administered by the department and an analysis of their estimated 49
84	84	economic impact on the state's economy. The analysis shall include, for 50
85	85	each business assistance or incentive program for which such data is 51
86	86	available, the number of new jobs created, the borrowing cost to the 52
87	87	state and the estimated impact of such program on annual state 53
88	88	revenues; 54
89	89	(E) An analysis of whether the statutory and programmatic goals of 55
90	90	each business or incentive program are being met, with obstacles to 56
91	91	such goals identified, if possible; 57
92	92	(F) (i) Recommendations as to whether any existing business 58
93	93	assistance or incentive program should be continued, modified or 59
94	94	repealed and the basis or bases for such recommendations, and (ii) any 60
95	95	recommendations for additional data collection by the state to better 61
96	96	inform future evaluations of such programs; and 62
97	97	(G) The methodologies and assumptions used in carrying out the 63
98	98	analyses under this subdivision. 64
99	99	(3) An analysis of the community development portfolio of the 65
100	100	department, including: 66
101	101	(A) The Internet web site address of the state's open data portal and 67
102	102	an indication of where the name, address and location of each recipient 68
103	103	of the department's assistance is published on the site along with the 69
104	104	following information concerning each recipient: (i) Amount of state 70
105	105	investment, (ii) a summary of the terms and conditions for the 71
106	106	department's assistance, including the type and amount of state 72
107	107	financial assistance, and (iii) the amount of investments from private 73
108	108	and other nonstate sources that have been leveraged by such 74
109	109	assistance; and 75 Raised Bill No. 7080
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115	115	(B) An investment analysis, including (i) total active portfolio value, 76
116	116	(ii) total investments made in the preceding state fiscal year, and (iii) 77
117	117	total portfolio leverage ratio. 78
118	118	(4) An analysis of each business assistance [or incentive program, 79
119	119	including any business tax credit or abatement program, grant, loan, 80
120	120	forgivable loan or other form of assistance,] program administered by 81
121	121	Connecticut Innovations, Incorporated and each tax incentive program 82
122	122	enacted for the purpose of improving economic development [, that 83
123	123	(A) (i)] and not administered by the department that (A) had ten or 84
124	124	more recipients of assistance in the preceding state fiscal year, or [(ii)] 85
125	125	(B) credited, abated or distributed more than one million dollars in the 86
126	126	preceding state fiscal year. [, and (B) is not administered by the 87
127	127	department.] The analysis shall include: 88
128	128	(i) An overview of the business assistance or tax incentive program 89
129	129	and an analysis of its estimated economic effects on the state's 90
130	130	economy; [, including, for each program where such data is available, 91
131	131	the number of new jobs created and the estimated impact of such 92
132	132	program on annual state revenues;] 93
133	133	(ii) An analysis of whether the statutory and programmatic goals of 94
134	134	each business assistance or tax incentive program are being met, with 95
135	135	obstacles to such goals identified, if possible; 96
136	136	(iii) Recommendations as to whether any such existing business 97
137	137	assistance or tax incentive program should be continued, modified or 98
138	138	repealed and the basis or bases for such recommendations, and any 99
139	139	recommendations for additional data collection by the state to better 100
140	140	inform future evaluations of such programs; and 101
141	141	(iv) The methodologies and assumptions used in carrying out the 102
142	142	analysis under this subdivision. 103
143	143	(5) A summary of the department's international trade efforts in the 104
144	144	preceding state fiscal year, and, to the extent possible, a summary of 105
145	145	foreign direct investment that occurred in the state in such year. 106 Raised Bill No. 7080
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151	151	(6) A summary of the total social and economic impact of the 107
152	152	department's efforts and activities in the areas of economic and 108
153	153	community development, and an assessment of the department's 109
154	154	performance in terms of meeting its stated goals and objectives. 110
155	155	(7) With regard to the Small Business Express program established 111
156	156	pursuant to section 32-7g, data on (A) the number of small businesses 112
157	157	that applied to the Small Business Express program, (B) the number of 113
158	158	small businesses that received assistance under said program and the 114
159	159	general categories of such businesses, (C) the amounts and types of 115
160	160	assistance provided, (D) the total number of jobs on the date of 116
161	161	application and the number proposed to be created or retained, and (E) 117
162	162	the most recent employment figures of the small businesses receiving 118
163	163	assistance. 119
164	164	(8) With regard to airport development zones established pursuant 120
165	165	to section 32-75d, a summary of the economic and cost benefits of each 121
166	166	zone and any recommended revisions to any such zones. 122
167	167	(9) An overview of the department's activities related to tourism, the 123
168	168	arts and historic preservation. 124
169	169	(10) An overview of the department's activities concerning digital 125
170	170	media, motion pictures and related production activity, and an 126
171	171	analysis of the use of the film production tax credit established under 127
172	172	section 12-217jj, the entertainment industry infrastructure tax credit 128
173	173	established under section 12-217kk and the digital animation 129
174	174	production tax credit established under section 12-217ll, including the 130
175	175	amount of any tax credit issued under said sections and the total 131
176	176	amount of production expenses or costs incurred in the state by the 132
177	177	taxpayer who was issued such a tax credit. 133
178	178	(11) A summary of the department's and the office of the permit 134
179	179	ombudsman's brownfield-related efforts and activities in the preceding 135
180	180	fiscal year. 136
181	181	(12) A summary of the department's dry cleaning establishment 137 Raised Bill No. 7080
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187	187	remediation account activities in the preceding fiscal year. 138
188	188	(b) Any annual report that is required from the department by any 139
189	189	provision of the general statutes shall be incorporated into the annual 140
190	190	report submitted pursuant to subsection (a) of this section. 141
191	191	(c) [On or before March 1, 2018, and annually thereafter] Not later 142
192	192	than sixty days after the submission of a report by the Auditors of 143
193	193	Public Accounts pursuant to section 2-90c, the joint standing 144
194	194	committees of the General Assembly having cognizance of matters 145
195	195	relating to appropriations and the budgets of state agencies, finance, 146
196	196	revenue and bonding and commerce shall hold, individually or jointly, 147
197	197	one or more public hearings on such report and the analyses included 148
198	198	in the annual report under subdivisions (2) and (4) of subsection (a) of 149
199	199	this section. 150
200	200	This act shall take effect as follows and shall amend the following
201	201	sections:
202	202
203	203	Section 1 October 1, 2019 32-1m(a) to (c)
204	204
205	205	Statement of Purpose:
206	206	To require the Department of Economic and Community Development
207	207	to include in its annual report information on tax incentive programs
208	208	administered by other state agencies, but not all business assistance
209	209	programs administered by other agencies.
210	210	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
211	211	except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
212	212	not underlined.]
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