Tech companies may get financial relief
First-time entrepreneurs starting technology businesses may be about to get a boost from the state.
An Entrepreneurship Learner's Permit bill, approved unanimously by the state legislature last week, would be piloted next fiscal year to encourage job growth if Gov. Dannel P. Malloy signs the measure. It would reimburse new Connecticut entrepreneurs starting up information technology, biotechnology and green technology businesses for the cost of state business filings, permitting or licensing fees.
"Reducing these fees will lower the financial entry requirements for entrepreneurs to participate in the local economy," said state Rep. Jesse MacLachlan, R-Westbrook, in a statement. "This bill will particularly assist young people who are looking to start their own business, but find themselves struggling to navigate through Connecticut's regulatory environment."
State Rep. Devin Carney, who cosponsored the bill, called the pilot program "a step in the right direction."
The National Federation of Independent Businesses was one of the groups supporting Senate Bill 303, saying revenue lost because of the program would be more than outweighed by the financial benefits that Connecticut will derive from creating a more favorable business climate.
According to a fiscal analysis, the bill will cost Connecticut Innovations up to $1 million in funding over the next two fiscal years. CI, which will implement the program, is the state's quasi-public agency designed to promote entrepreneurship in the state.
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