O F F I C E O F L E G I S L A T I V E R E S E A R C H
P U B L I C A C T S U M M A R Y
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PA 22-97—sHB 5264
Commerce Committee
AN ACT CONCERNING THE APPROVAL OF FINANCIAL AID
APPLICATIONS FILED WITH CONNECTICUT INNOVATIONS,
INCORPORATED AND ESTABLISHING AN ATTENDANCE POLICY
FOR CONNECTICUT INNOVATIONS, INCORPORATED'S BOARD OF
DIRECTORS
SUMMARY: This act increases, from $150,000 to $500,000, the (1) maximum
amount of financial assistance that Connecticut Innovations, Inc. (CI) staff may
approve in an individual application if delegated this authority by CI’s board of
directors and (2) aggregate 12-month cap on staff-awarded assistance to an
applicant. Under the aggregate cap, CI staff cannot approve an application if the
amount requested plus the amount of CI assistance received by the applicant in the
previous 12 months exceeds this cap (i.e., $500,000 under the act).
As under existing law, (1) assistance exceeding either cap must be approved by
CI’s board of directors or a committee of the board and (2) CI staff exercising
delegated approval authority must process the application according to CI-adopted
procedures. Financial assistance includes grants, loans, loan guarantees, equity
investments, and other economic development assistance.
Additionally, the act deems an appointed member of CI’s board of directors to
have resigned if he or she misses three consecutive board meetings or fails to attend
50% of the meetings in a calendar year. It requires CI’s chief executive officer, in
consultation with the board chairperson, to recommend a replacement candidate to
the appropriate appointing authority within 30 days after a vacancy occurs.
By law, the board has nine gubernatorial appointees, four legislative appointees,
and four ex-officio members. Members appointed by the governor or a legislator
serve at the pleasure of the appointing authority but no longer than the appointing
authority’s term of office or until a successor is appointed and qualified, whichever
is longer.
EFFECTIVE DATE: October 1, 2022