AN ACT CONCERNING THE INVEST CT FUND PROGRAM.

This bill updates the rules for the invest CT Fund Program, a state initiative designed to encourage investment in Connecticut-based businesses. It directly affects taxpayers who invest in these funds and the businesses receiving that capital, specifically targeting small companies with fewer than 250 employees and net income under $10 million. The legislation clarifies definitions for eligible businesses, including new categories for cybersecurity and green technology firms, and sets strict requirements for the funds themselves, such as prohibiting control by insurance companies. Additionally, it establishes a schedule for tax credits against the premium tax, where investors receive a percentage of their investment back in credits over a ten-year period. These changes aim to streamline how the program operates while maintaining limits on the total tax credits available each year.