Sec. 32-41q. Critical industries development account. Purpose. Regulations. - Connecticut Statutes

      Sec. 32-41q. Critical industries development account. Purpose. Regulations. (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.