TaxOps.com
Tax News

General Assembly passes landmark bioscience legislation

The Connecticut General Assembly passed two bills that are widely expected to strengthen the state’s biosciences and fuel the spirit of entrepreneurism.

1)      An Act establishing the Bioscience Innovation Fund. Over the next 10 years, the $200 million Fund will make grants, extensions of credit, loans, loan guarantees, and equity investments to further develop bioscience, biomedical engineering, health information management, medical care, medical devices, medical diagnostics, pharmaceuticals, personalized medicine, and other related disciplines. A committee of experts drawn from related fields will oversee the Fund. The Act aims to be a catalyst for improvement in or development of services, therapeutics, diagnostics, or devices that are commercializable and that are designed to advance the coordination, quality, or efficiency of health care and lower health care costs, and hold promise for job growth in Connecticut. Connecticut Innovations will administer the Bioscience Innovation Fund.

2)      Allocation of a $1.5 billion Fund to increase student enrollment and faculty at the University of Connecticut. The Fund focus is on STEM—science, technology, engineering and mathematics—and will support the creation of research laboratories, doctoral fellowships, and undergraduate scholarships and honors programs. The law aims to better equip Connecticut students with knowledge and skills in STEM-related fields and create a base for robust job growth.

For more information on Connecticut tax policy, contact Gary Purpura at gpurpura@taxops.com or 203.307.2820.

Follow TaxOps at LinkedIn.