(a) As used in this section “critical industry” means an industry that uses emerging technologies, including but not limited to, fuel cell technology, to develop and manufacture nondefense products for future sale, has the potential to create or retain jobs in the state and is critical to the state economy.
(b) There is established an account to be known as the critical industries development account, which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys invested pursuant to the provisions of this section. Connecticut Innovations, Incorporated may use funds from the account to provide loans, loan guarantees, interest rate subsidies and other forms of loan assistance to customers of businesses in critical industries which businesses are based in the state. Connecticut Innovations, Incorporated may solicit and receive funds from any public and private sources for the program. Such funds may include, without limitation, federal funds, state bond proceeds, private venture capital and investments by persons, firms or corporations. Private capital investments may be made either in the account as a whole or in one or more individual technologies or projects.
(c) No product may receive assistance under this section unless its manufacturer agrees to enter into a contract to: (1) Carry out a specified percentage of the development and manufacturing work for the product in the state; and (2) when subcontracting is required, to conduct a specified percentage of such work with companies based in the state. Connecticut Innovations, Incorporated shall determine such percentage for the purposes of this program.
(d) Any person who, or firm or corporation which, invests funds in the critical industries development account pursuant to this section shall receive a portion of the interest paid and principal repayment by the recipient of the loan in proportion to the ratio of the amount of the investment of such person, firm or corporation to the total loan amount.
(e) The Commissioner of Economic and Community Development may adopt regulations in accordance with the provisions of chapter 54 to carry out the purposes of this section.
(P.A. 95-250, S. 1; 95-288, S. 1, 2; P.A. 96-211, S. 1, 5, 6; 96-264, S. 7, 8; P.A. 97-295, S. 12, 25; P.A. 98-262, S. 14, 22.)
History: P.A. 95-288 effective July 1, 1995 (Revisor's Note: P.A. 95-250 and P.A. 96-211 authorized substitution of “Commissioner of Economic and Community Development” for “Commissioner of Economic Development”); P.A. 96-264 included fuel cell technology industries in definition of “critical industry”, effective July 1, 1996; P.A. 97-295 deleted former Subsec. (d) re tax credit for funds invested in account and redesignated existing Subsec. (e) and (f) as Subsecs. (d) and (e), effective July 8, 1997, and applicable to income years commencing on or after January 1, 1998; P.A. 98-262 revised effective date of P.A. 97-295, but without affecting this section.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
Section 32-32. - Short title: Innovation Capital Act of 1989.
Section 32-33. - Legislative finding.
Section 32-35. - Connecticut Innovations, Incorporated.
Section 32-36. - Perpetual succession. Termination.
Section 32-37. - Board of directors.
Section 32-38. - Chief executive officer.
Section 32-39. - Corporate purpose; powers.
Section 32-39d. - Guarantees of corporation made investment securities.
Section 32-39f. - CTNext. Purposes. Board of directors. Executive director.
Section 32-39g. - CTNext. Powers.
Section 32-39h. - CTNext. Procedures.
Section 32-39i. - CTNext Fund established. Uses.
Section 32-39j. - Definitions.
Section 32-39k. - Innovation place program. Purposes.
Section 32-39p. - Connecticut 500 Project. Goals. Solicitation of bids.
Section 32-39w. - Assistance with state strategic economic planning.
Section 32-39x. - Entrepreneurs-in-Residence program. Proof of concept fund.
Section 32-39y. - Recapitalization of innovation place program. Bond authorization.
Section 32-40. - Applications for financial aid.
Section 32-41aa. - Connecticut Bioscience Innovation Fund. Definitions.
Section 32-41b. - Bond issue for high technology products. Loan interest rates.
Section 32-41bb. - Bioscience Innovation Advisory Committee.
Section 32-41dd. - Bond authorization for Connecticut Bioscience Innovation Fund.
Section 32-41g. - Short title: Technology Deployment Act of 1993.
Section 32-41h. - Legislative finding.
Section 32-41i. - Definitions.
Section 32-41j. - Manufacturing application center program.
Section 32-41k. - Deployment research program.
Section 32-41l. - Energy and environmental technologies deployment center program.
Section 32-41m. - Connecticut educational and job training technologies deployment center programs.
Section 32-41n. - Critical technologies grant program.
Section 32-41nn. - Bond authorization for Regenerative Medicine Research Fund.
Section 32-41o. - Bond issue for technology deployment.
Section 32-41oo. - Program to incentivize formation of new venture capital funds.
Section 32-41p. - Workplace center of excellence program.
Section 32-41q. - Critical industries development account. Purpose. Regulations.
Section 32-41qq. - Plan to collect data re crumbling concrete foundations.
Section 32-41r. - Short title: Economic Recovery Act of 1996.
Section 32-41t. - High technology research and development program: Definitions.
Section 32-41u. - High technology research and development program: Establishment and purpose.
Section 32-41v. - Connecticut New Opportunities Fund.
Section 32-41w. - Early-stage venture capital program.
Section 32-41x. - Preseed financing account and program.
Section 32-41z. - Bond issue for the Connecticut Bioscience Collaboration program.
Section 32-42. - Examination. Audits.
Section 32-43. - State pledge.
Section 32-44. - Powers to be interpreted broadly.
Section 32-45. - Inconsistent provisions of law.
Section 32-46. - Tax exemption.
Section 32-47. - Personal liability of directors or persons acting on behalf of the corporation.