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Substitute House Bill No. 6399

Public Act No. 11-254

AN ACT CONCERNING APPLICATIONS FOR ANGEL INVESTOR TAX CREDITS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subdivision (1) of subsection (d) of section 12-704d of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011, and applicable to taxable years commencing on or after January 1, 2011):

(d) (1) A Connecticut business may apply to Connecticut Innovations, Incorporated, for approval as a Connecticut business qualified to receive cash investments eligible for a tax credit pursuant to this section. The application shall include (A) the name of the business and a copy of the organizational documents of such business, (B) a business plan, including a description of the business and the management, product, market and financial plan of the business, (C) a description of the business's innovative [and proprietary] technology, product or service, (D) a statement of the potential economic impact of the business, including the number, location and types of jobs expected to be created, (E) a description of the qualified securities to be issued and the amount of cash investment sought by the qualified Connecticut business, (F) a statement of the amount, timing and projected use of the proceeds to be raised from the proposed sale of qualified securities, and (G) such other information as the executive director of Connecticut Innovations, Incorporated, may require.

Approved July 13, 2011