Sec. 32-39f. Definitions. Use of funds available in CTNext Fund.
Sec. 32-39g. Powers of the commissioner for certain purposes.
Sec. 32-39y. Bond authorization. Proceeds used for purposes of CTNext Fund.
Sec. 32-41q. Critical industries development account. Purpose. Regulations.
Sec. 32-41v. Connecticut New Opportunities Fund.
Sec. 32-41x. Preseed financing account and program.
Sec. 32-39f. Definitions. Use of funds available in CTNext Fund. (a) As used in this section and sections 32-39g, 32-39i, 32-39k to 32-39o, inclusive, 32-39t, 32-39x and 32-39y, unless the context otherwise requires:
(1) “Anchor institution” means an entity having a significant and stable presence in the community, including, but not limited to, an institution of higher education, hospital, major corporation, research institution, business incubator or business accelerator;
(2) “Commissioner” means the Commissioner of Economic and Community Development;
(3) “Department” means the Department of Economic and Community Development;
(4) “Designated innovation place” means an area designated as an innovation place pursuant to section 32-39m;
(5) “Entity” means a corporation, association, partnership, limited liability company, benefit corporation, nonprofit organization, municipality, institution of higher education or any other similar entity;
(6) “Growth stage business” means a business (A) that has been incorporated for ten years or less, (B) that has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of the three preceding income years of such business;
(7) “Innovation entity” means an entity whose application for innovation place designation is approved by the commissioner pursuant to section 32-39m;
(8) “Innovation place” has the same meaning as described in section 32-39k;
(9) “Master plan” means the plan submitted to the commissioner pursuant to subsection (c) of section 32-39l;
(10) “Municipality” means any town, city, consolidated town and city or consolidated town and borough;
(11) “New Haven Line” means the rail passenger service operated between New Haven and intermediate points and Grand Central Station, including the Danbury, Waterbury and New Canaan branch lines;
(12) “Public transit” means the New Haven Line, Shore Line East, the New Haven-Hartford-Springfield rail line and the New Britain to Hartford busway and any planned expansion of such busway; and
(13) “Shore Line East” means the rail service operating between New Haven and New London.
(b) The department may use any funds available in the CTNext Fund established under section 32-39i and the small business express assistance account established under section 32-7h for the following purposes:
(1) To foster and oversee the growth and continuous improvement of a state-wide entrepreneurial ecosystem and infrastructure that is supportive of Connecticut innovators and entrepreneurs and to initiate changes to practices that the commissioner deems to be outdated to improve such ecosystem and infrastructure;
(2) To maintain an active and conspicuous presence at all nodes of such ecosystem and infrastructure and continuously increase connections between such nodes;
(3) To regularly reassess the health of such ecosystem and infrastructure, identify their changing needs, adopt initiatives or adapt existing initiatives to meet such needs and regularly inform the General Assembly of such needs by proposing recommended legislation deemed necessary or desirable by the commissioner;
(4) To support the growth of start-up and growth stage businesses;
(5) To promote entrepreneur community-building;
(6) To connect start-up and growth stage business entrepreneurs with other start-up and growth stage business entrepreneurs and with state, federal and private resources;
(7) To facilitate the establishment of innovation places and incubator facilities and the development, growth and evolution of innovation places and incubator facilities individually and in mutually supportive connections to other innovation places and incubator facilities;
(8) To facilitate mentorship for start-up and growth stage business entrepreneurs;
(9) To provide technical training and resources to start-up and growth stage businesses and entrepreneurs;
(10) To facilitate innovation and entrepreneurship at institutions of higher education; and
(11) To identify areas in which current practices and policies at such institutions of higher education are not realizing their full potential.
(May Sp. Sess. P.A. 16-3, S. 1; P.A. 17-212, S. 3; P.A. 18-178, S. 46; June Sp. Sess. P.A. 21-2, S. 246; P.A. 24-149, S. 5; P.A. 25-168, S. 86.)
History: May Sp. Sess. P.A. 16-3 effective June 2, 2016; P.A. 17-212 made technical changes in Subsec. (b), effective July 10, 2017; P.A. 18-178 substantially amended Subsec. (a) including by designating existing provisions re purposes of CTNext as Subdivs. (1) and (2), adding provisions re state-wide entrepreneurial ecosystem, adopting and adapting initiatives, informing the General Assembly, supporting growth of start-up and growth stage businesses, promoting entrepreneur community-building, facilitating development, growth and evolution of innovation places, and identifying areas in which current practices and policies at institutions are not realizing their full potential, and adding Subdiv. (3) re CTNext to do all things necessary and proper to carry out purposes of Subdivs. (1) and (2), designating existing provisions re CTNext not an employer as Subdiv. (4), amended Subsec. (c) by deleting provision re first meeting of the board, and adding provision re chairperson of the board, and chief executive officer of Connecticut Innovations, Incorporated to remain member of board, and amended Subsec. (j) by adding provision notwithstanding the general statutes, replacing “complies with all applicable provisions of chapter 10, except as provided in this subsection” with “shall abstain from deliberation, action or vote by the board in specific respect to such person, firm or corporation”, and made technical and conforming changes, effective July 1, 2018; June Sp. Sess. P.A. 21-2 amended Subsec. (b) by replacing “eleven” with “twelve” re members and “a majority” with “at least half” re serial entrepreneurs, and adding reference to Chief Workforce Officer and making conforming changes in Subdiv. (9), effective July 1, 2021; P.A. 24-149 amended Subsec. (a) to delete provision in introductory language re establishment of CTNext, add new Subdivs. (1) to (4) defining “anchor institution”, “commissioner”, “department” and “designated innovation place”, add Subdivs. (5) to (13) defining “entity”, “growth stage business”, “innovation entity”, “innovation place”, “master plan”, “municipality”, “New Haven Line”, “public transit” and “Shore Line East”, redesignate existing Subsec. (a)(1) as Subsec. (b)(1) to (3) and existing Subsec. (a)(2) as Subsec. (b)(4) to (11), delete former Subsec. (a)(3) re CTNext do all things to carry out purposes and delete former Subsec. (a)(4) re CTNext not an employer, added new Subsec. (b) re CTNext Fund may be used for certain purposes, replaced references to “CTNext board of directors” with references to “commissioner” in redesignated Subsec. (b)(1) and (3), deleted provision re primary purpose of CTNext in redesignated Subsec. (b)(1), added references to infrastructure in redesignated Subsec. (b)(1) to (3), deleted provision re further purposes of CTNext in redesignated Subsec. (b)(4), changed “growth stage entrepreneurs” to “growth stage business entrepreneurs” in redesignated Subsec. (b)(6) and (8), added references to incubator facilities in redesignated Subsec. (b)(7), added “of higher education” in redesignated Subsec. (b)(11), deleted former Subsecs. (b) to (h) and (j) re CTNext board of directors and deleted former Subsec. (i) re continuation and termination of CTNext and made technical and conforming changes throughout, effective July 1, 2024; P.A. 25-168 amended Subsec. (b) to authorize Department of Economic and Community Development to use funds available in the small business express assistance account for enumerated purposes, effective July 1, 2025.
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Sec. 32-39g. Powers of the commissioner for certain purposes. For the purposes enumerated in subsection (b) of section 32-39f, the commissioner may:
(1) Make and enter into all contracts and agreements necessary or incidental to the performance of the commissioner's duties and the execution of the commissioner's powers under this section, including contracts and agreements for such professional services as the commissioner deems necessary, including, but not limited to, financial consultant and technical specialists;
(2) Account for and audit funds of the department and funds of any recipients of funds from the department;
(3) Establish advisory committees to provide counsel and advice on the discharge of the commissioner's duties under this section;
(4) Serve as a resource to start-up and growth stage business entrepreneurs in this state by (A) providing counseling and technical assistance in the areas of entrepreneurial business planning and management, financing and marketing for start-up and growth stage businesses; and (B) conducting business workshops, seminars and conferences with local partners, including, but not limited to, in-state public and independent institutions of higher education, municipal governments, regional economic development districts, private industry, chambers of commerce, small business development organizations and economic development organizations;
(5) Facilitate partnerships between innovative start-up and growth stage businesses, research institutions and venture capitalists or financial institutions;
(6) Increase the quantity and availability of capital for start-up and growth stage businesses and entrepreneurs including, but not limited to, angel investors and venture capitalists;
(7) Promote technology-based development in the state;
(8) Encourage and promote the establishment of and, within available resources, provide financial aid to advanced technology centers;
(9) Maintain an inventory of data and information concerning state and federal programs that are related to the purposes of this section and serve as a clearinghouse and referral service for such data and information;
(10) Promote and encourage and, within available resources, provide financial aid for the establishment, maintenance and operation of incubator facilities and innovation places;
(11) Promote and encourage the coordination of public and private resources and activities within the state in order to assist technology-based business entrepreneurs and business enterprises;
(12) Promote science, engineering, mathematics and other disciplines that are essential to the development and application of technology;
(13) Coordinate the department's efforts with existing business outreach centers, as described in section 32-9qq;
(14) Provide financial aid to persons developing smart buildings, as defined in section 32-23d, incubator facilities or other information technology intensive office and laboratory space;
(15) Coordinate the development and implementation of strategies regarding technology-based talent and innovation among state and quasi-public agencies, including the creation and administration of the Connecticut Small Business Innovation Research Office to act as a centralized clearinghouse and provide technical assistance to applicants in developing small business innovation research programs in conformity with the federal program established pursuant to the Small Business Research and Development Enhancement Act of 1992, P.L. 102-564, as amended from time to time, and other proposals;
(16) Encourage the retention of younger generation start-up entrepreneurs in the state;
(17) Promote entrepreneurship among students, faculty and alumni of institutions of higher education;
(18) Make planning grants to entities seeking to apply for innovation place designation pursuant to section 32-39l, provided each such entity demonstrates that its proposed innovation place meets the purposes set forth in section 32-39k;
(19) Encourage and promote the establishment of business accelerators;
(20) Make higher education entrepreneurship grants-in-aid recommended by the Higher Education Entrepreneurship Advisory Committee pursuant to section 32-39t;
(21) Implement the provisions of section 32-39x;
(22) Designate innovation places pursuant to sections 32-39k to 32-39m, inclusive;
(23) Establish a program to provide growth grants-in-aid to businesses in this state for the purposes of facilitating the growth of start-up businesses that have transitioned to growth stage businesses. The department shall establish an application process for such grants-in-aid and shall prioritize such grants-in-aid for uses most likely to facilitate the growth of such businesses, including, but not limited to, sales assistance, marketing, strategy, organizational development, technology assistance, bid assistance, beta testing of products for new purchasers and prototype development. Such grants-in-aid shall not exceed twenty-five thousand dollars per applicant and shall be conditioned upon a one-third match from the applicant;
(24) Provide grants-in-aid for the purposes enumerated in section 32-39f; and
(25) Do all acts and things necessary or convenient to carry out the purposes of this section and the powers expressly granted by this section.
(May Sp. Sess. P.A. 16-3, S. 2; P.A. 17-56, S. 4; P.A. 18-178, S. 47; P.A. 24-22, S. 43; 24-149, S. 6; P.A. 25-168, S. 87.)
History: May Sp. Sess. P.A. 16-3 effective June 2, 2016; P.A. 17-56 amended Subsec. (b)(4) by replacing “Board of Regents for Higher Education” with “Connecticut State Colleges and Universities”, effective June 20, 2017; P.A. 18-178 amended Subsec. (a) by adding new Subdiv. (24) re state-wide service hub, adding Subdiv. (25) re implementation of provisions of Sec. 32-39x, and redesignating existing Subdiv. (24) as Subdiv. (26), effective July 1, 2018; P.A. 24-22 amended Subsec. (b)(4) by replacing “president of the Connecticut State Colleges and Universities” with “chancellor of the Connecticut State Colleges and Universities”, effective July 1, 2024; P.A. 24-149 redesignated existing Subsec. (a)(3) as Subdiv. (1), existing Subsec. (a)(5) to (23) as Subdivs. (2) to (20), existing Subsec. (a)(25) as Subdiv. (21), existing Subsec. (b)(5) as Subdiv. (22) and existing Subsec. (b)(7) as Subdiv. (23), replaced reference to Sec. 32-39f(a) with reference to Sec. 32-39f(b) and “CTNext is authorized and empowered to” with “the commissioner may” in redesignated introductory language, deleted former Subsec. (a)(1)(A) re employees, personnel practices and policies and consultants, attorneys and appraisers, deleted former Subsec. (a)(2) re receiving and accepting grants and contributions, replaced “CTNext” with “the commissioner” in redesignated Subdiv. (1), deleted former Subsec. (a)(4) re procuring insurance, replaced references to “CTNext” with references to “the department” in redesignated Subdiv. (2), changed “to assist in accomplishing its” to “to provide counsel and advice on the discharge of the commissioner's” and deleted provision re members and persons other than members of CTNext board of directors in redesignated Subdiv. (3), changed “growth stage entrepreneurs” to “growth stage business entrepreneurs” in redesignated Subdiv. (4), added reference to innovation places in redesignated Subdiv. (10), replaced “its” with “the department's” in redesignated Subdiv. (13), deleted provision re establishment of satellite of major national business accelerator in redesignated Subdiv. (19), deleted former Subsec. (a)(24) re state-wide service hub, deleted former Subsec. (a)(26) re all acts and things necessary or convenient to carry out purposes of and powers granted by the section, deleted former Subsec. (b)(1) to (4) re CTNext developing plan to facilitate certain relationships, creating and publicizing Internet web site and advising on certain matters, replaced “32-39j” with “32-39k” in redesignated Subdiv. (22), deleted former Subsec. (b)(6) re innovation and entrepreneurship marketing plan, replaced “CTNext” with “The department” in redesignated Subdiv. (23), added Subdiv. (24) re all acts and things necessary or convenient to carry out purposes of and powers granted by the section, deleted former Subsec. (b)(8) re connecting certain entrepreneurs with certain resources, deleted former Subsec. (b)(9) re program evaluation and measurement process and made technical and conforming changes throughout, effective July 1, 2024; P.A. 25-168 added new Subdiv. (24) re providing grants-in-aid for the purposes enumerated in Sec. 32-39f and redesignated existing Subdiv. (24) as Subdiv. (25), effective July 1, 2025.
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Sec. 32-39y. Bond authorization. Proceeds used for purposes of CTNext Fund. (a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate two hundred thousand dollars.
(b) The proceeds of the sale of such bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by (1) the Department of Economic and Community Development for an economic feasibility study of certain lands in Trumbull in the fiscal year commencing July 1, 2021, and (2) by CTNext, or the Department of Economic and Community Development as a successor agency to CTNext, for the CTNext Fund established under section 32-39i and for the purposes described in said section.
(c) All provisions of section 3-20, or the exercise of any right or power granted thereby, that are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section. Temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of such bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization that is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Such bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on such bonds as the same become due, and accordingly and as part of the contract of the state with the holders of such bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due.
(P.A. 21-111, S. 92; P.A. 24-151, S. 29; P.A. 25-174, S. 74.)
History: P.A. 21-111 effective July 1, 2021; pursuant to P.A. 24-149, the term “CTNext” was changed editorially by the Revisors to “the Department of Economic and Community Development” in Subsec. (b)(1), effective July 1, 2024; P.A. 24-151 amended Subsec. (a) to decrease aggregate authorization from $64,200,000 to $20,200,000, eliminate provision that $13,500,000 be effective July 1, 2025, and make technical changes and amended Subsec. (b) to delete purpose re innovation place program, revise requirement re use of proceeds for CTNext Fund and add provision re Department of Economic and Community Development as successor agency to CTNext, effective July 1, 2024; P.A. 25-174 amended Subsec. (a) to decrease aggregate authorization from $20,200,000 to $200,000, effective July 1, 2025.
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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. 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; P.A. 25-110, S. 110.)
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; P.A. 25-110 amended Subsec. (b) by deleting reference to General Fund and making a technical change, effective July 1, 2025.
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Sec. 32-41v. Connecticut New Opportunities Fund. Section 32-41v is repealed, effective June 30, 2025.
(P.A. 05-129, S. 1; P.A. 25-168, S. 68.)
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Sec. 32-41x. Preseed financing account and program. (a) There is established an account to be known as the “preseed financing account”, which shall be a separate, nonlapsing account. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by Connecticut Innovations, Incorporated, for the purposes of providing preseed financing pursuant to the program established in subsection (b) of this section.
(b) Connecticut Innovations, Incorporated, shall establish a program to provide preseed financing for Connecticut businesses, which shall include, but not be limited to, financial assistance for the development of proof of concepts and support services. Financial assistance shall not exceed one hundred fifty thousand dollars per eligible business. An eligible business shall (1) be principally located in Connecticut, (2) have not less than seventy-five per cent of its employees working in Connecticut, and (3) demonstrate private investment dollars of not less than fifty cents for every dollar of financial assistance sought from the program established pursuant to this section. For the purposes of this subsection, “private investment dollars” shall include funds from a public institution of higher education, except those funds derived from state appropriations or student tuition and fees, that are used to assist in the commercialization of technology owned by a public university.
(c) The corporation may enter into an agreement, pursuant to chapter 55a, with a nonprofit corporation providing services and resources to entrepreneurs and businesses to operate such program.
(P.A. 10-75, S. 12; P.A. 11-218, S. 1; P.A. 25-110, S. 111.)
History: P.A. 10-75 effective July 1, 2010; P.A. 11-218 amended Subsec. (b) by adding definition of “private investment dollars”, effective July 13, 2011; P.A. 25-110 amended Subsec. (a) by deleting reference to General Fund and making a technical change, effective July 1, 2025.
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Sec. 32-41kk. (Formerly Sec. 19a-32e). Regenerative Medicine Research Fund. Application for financial assistance. Available funding. (a) There is established the “Regenerative Medicine Research Fund”, which shall be a separate, nonlapsing account. The fund may contain any moneys required or permitted by law to be deposited in the fund and any funds received from any public or private contributions, gifts, grants, donations, bequests or devises to the fund. The chief executive officer of Connecticut Innovations, Incorporated, (1) shall award financial assistance from the fund in accordance with the provisions of subsection (b) of this section, and (2) may enter into agreements with other entities, including, but not limited to, the government of any state or foreign country for the purpose of advancing research collaboration opportunities for recipients of financial assistance under this section.
(b) The chief executive officer of Connecticut Innovations, Incorporated, shall develop an application for financial assistance under this section for the purpose of conducting regenerative medicine research and may receive applications from eligible institutions for such financial assistance. The chief executive officer of Connecticut Innovations, Incorporated, shall require any applicant for financial assistance under this section to conduct regenerative medicine research to submit (1) a complete description of the applicant's organization, (2) the applicant's plans for regenerative medicine research and proposed funding for such research from sources other than the state, (3) proposed arrangements concerning financial benefits to the state as a result of any patent, royalty payment or similar rights developing from any proposed research made possible by the awarding of such financial assistance, and (4) a form attesting to compliance with subsections (c) and (d) of section 32-41jj if the regenerative medicine research involves the use of embryonic stem cells.
(c) Commencing with the fiscal year ending June 30, 2006, and for each of the thirteen consecutive fiscal years thereafter, until the fiscal year ending June 30, 2019, funds shall be available from the Regenerative Medicine Research Fund for financial assistance to eligible institutions for the purpose of conducting regenerative medicine research. Any funds not used for such financial assistance during a fiscal year shall be carried forward for the fiscal year next succeeding for such financial assistance.
(P.A. 05-149, S. 2; P.A. 14-98, S. 33; P.A. 15-222, S. 2; 15-242, S. 5; June Sp. Sess. P.A. 17-2, S. 452; P.A. 23-204, S. 241; P.A. 25-110, S. 112.)
History: P.A. 05-149 effective June 15, 2005; P.A. 14-98 amended Subsec. (a) by replacing “Stem Cell Research Fund” with “Regenerative Medicine Research Fund”, changing administration of fund from Commissioner of Public Health to chief executive officer of Connecticut Innovations, Incorporated, designating existing provision re grants-in-aid as Subdiv. (1) and adding Subdiv. (2) re agreements with other entities, amended Subsec. (b) by replacing “Stem Cell Research Advisory Committee” with “Regenerative Medicine Research Advisory Committee”, amended Subsec. (c) by extending sunset date for grants-in-aid from June 30, 2015, to June 30, 2019, and made technical and conforming changes; Sec. 19a-32e transferred to Sec. 32-41kk in 2015; P.A. 15-222 replaced references to grants-in-aid with references to financial assistance and amended Subsec. (b) by replacing reference to Regenerative Medicine Research Peer Review Committee with reference to peer reviewers pursuant to Sec. 32-41mm, effective July 1, 2015; P.A. 15-242 amended Subsec. (b) by adding Subdiv. (4) re compliance form; June Sp. Sess. P.A. 17-2 amended Subsec. (c) by replacing “not less than ten million dollars” with “funds” and “balance of such amount” with “funds”, effective October 31, 2017; P.A. 23-204 amended Subsec. (b) by replacing references to Regenerative Medicine Research Advisory Committee with chief executive officer of Connecticut Innovations, Incorporated and deleting provision re advisory committee directing the chief executive officer re financial assistance awards, effective July 1, 2023; P.A. 25-110 amended Subsec. (a) by deleting reference to General Fund, effective July 1, 2025.
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