Section 32-1m - Annual report(a) Not later than February first, annually, the Commissioner of Economic and Community Development shall submit a report to the Governor, the Auditors of Public Accounts and the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies, finance, revenue and bonding and commerce, in accordance with the provisions of section 11-4a. Not later than thirty days after submission of the report, said commissioner shall post the report on the Department of Economic and Community Development's web site. Such report shall include, but not be limited to, the following information with regard to the activities of the Department of Economic and Community Development and to business assistance programs administered by Connecticut Innovations, Incorporated, during the preceding state fiscal year:(1) A brief description and assessment of the state's economy during such year, utilizing the most recent and reasonably available data, and including: (A) Connecticut employment by industry;(B) Connecticut and national average unemployment; and(C) Connecticut gross state product, by industry.(2) An analysis of the economic development portfolio of the department, including, but not limited to, each business assistance or incentive program, including any business tax credit or abatement program, grant, loan, forgivable loan or other form of assistance, enacted for the purpose of improving economic development. The analysis shall include:(A) The Internet web site address of the state's open data portal and an indication of where the name, address and location of each recipient of the department's assistance is published on the site along with the following information concerning each recipient: (ii) standard industrial classification codes or North American industrial classification codes,(iii) whether the recipient is a minority or woman-owned business,(iv) a summary of the terms and conditions for the assistance, including the type and amount of state financial assistance and job creation or retention requirements,(v) the amount of investments from private and other nonstate sources that have been leveraged by the assistance, and(vi) the amount of state investment;(B) A portfolio analysis, including an analysis of the wages paid by recipients of financial assistance by industry;(C) An investment analysis, including (i) total portfolio value, (ii) total investment by industry, (iii) portfolio dollar per job average, and (iv) portfolio leverage ratio;(D) An overview of the business assistance and incentive programs administered by the department and an analysis of their estimated economic impact on the state's economy. The analysis shall include, for each business assistance or incentive program for which such data is available, the number of new jobs created, the borrowing cost to the state and the estimated impact of such program on annual state revenues;(E) An analysis of whether the statutory and programmatic goals of each business or incentive program are being met, with obstacles to such goals identified, if possible;(F)(i) Recommendations as to whether any existing business assistance or incentive program should be continued, modified or repealed and the basis or bases for such recommendations, and(ii) any recommendations for additional data collection by the state to better inform future evaluations of such programs; and(G) The methodologies and assumptions used in carrying out the analyses under this subdivision.(3) An analysis of the community development portfolio of the department, including:(A) The Internet web site address of the state's open data portal and an indication of where the name, address and location of each recipient of the department's assistance is published on the site along with the following information concerning each recipient: (i) Amount of state investment,(ii) a summary of the terms and conditions for the department's assistance, including the type and amount of state financial assistance, and(iii) the amount of investments from private and other nonstate sources that have been leveraged by such assistance; and(B) An investment analysis, including (i) total active portfolio value, (ii) total investments made in the preceding state fiscal year, and (iii) total portfolio leverage ratio.(4) An analysis of each business assistance or incentive program, including any business tax credit or abatement program, grant, loan, forgivable loan or other form of assistance, enacted for the purpose of improving economic development, that (A) (i) had ten or more recipients of assistance in the preceding state fiscal year, or (ii) credited, abated or distributed more than one million dollars in the preceding state fiscal year, and (B) is administered by the department or Connecticut Innovations, Incorporated. The analysis shall include: (i) An overview of the business assistance or incentive program and an analysis of its estimated economic effects on the state's economy, including, for each program where such data is available, the number of new jobs created and the estimated impact of such program on annual state revenues;(ii) An analysis of whether the statutory and programmatic goals of each business assistance or incentive program are being met, with obstacles to such goals identified, if possible;(iii) Recommendations as to whether any such existing business assistance or incentive program should be continued, modified or repealed and the basis or bases for such recommendations, and any recommendations for additional data collection by the state to better inform future evaluations of such programs; and(iv) The methodologies and assumptions used in carrying out the analysis under this subdivision.(5) A summary of the department's international trade efforts in the preceding state fiscal year, and, to the extent possible, a summary of foreign direct investment that occurred in the state in such year.(6) A summary of the total social and economic impact of the department's efforts and activities in the areas of economic and community development, and an assessment of the department's performance in terms of meeting its stated goals and objectives.(7) With regard to the Small Business Express program established pursuant to section 32-7g, data on (A) the number of small businesses that received assistance under said program and the general categories of such businesses, (B) the amounts and types of assistance provided, (C) the total number of jobs on the date of application and the number proposed to be created or retained, (D) the most recent employment figures of the small businesses receiving assistance, (E) the default rate of small businesses that received assistance under said program, and (F) the progress of the lenders participating in said program in becoming self-sustainable.(8) With regard to airport development zones established pursuant to section 32-75d, a summary of the economic and cost benefits of each zone and any recommended revisions to any such zones.(9) An overview of the department's activities related to tourism, the arts and historic preservation.(10) An overview of the department's activities concerning digital media, motion pictures and related production activity, and an analysis of the use of the film production tax credit established under section 12-217jj, the entertainment industry infrastructure tax credit established under section 12-217kk and the digital animation production tax credit established under section 12-217ll, including the amount of any tax credit issued under said sections, the total amount of production expenses or costs incurred in the state by the taxpayer who was issued such a tax credit and the information submitted in the report required under subparagraph (A) of subdivision (1) of subsection (h) of section 12-217jj.(11) A summary of the department's and the office of the permit ombudsman's brownfield-related efforts and activities in the preceding fiscal year.(12) A summary of the department's dry cleaning establishment remediation account activities in the preceding fiscal year.(b) Any annual report that is required from the department by any provision of the general statutes shall be incorporated into the annual report submitted pursuant to subsection (a) of this section.(c) On or before April 1, 2022, and annually thereafter, the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies, finance, revenue and bonding and commerce shall hold, individually or jointly, one or more public hearings on the analyses included in the annual report under subdivisions (2), (4) and (7) of subsection (a) of this section.( P.A. 05-191 , S. 1 ; P.A. 06-184 , S. 2 ; 06-196 , S. 265 ; P.A. 07-171 , S. 1 ; P.A. 09-233 , S. 1 ; 09-234 , S. 8 ; P.A. 10-75 , S. 31 ; 10-158 , S. 12 ; Oct. Sp. Sess. P.A. 11-1 , S. 3 ; P.A. 13-234 , S. 54 ; 13-308 , S. 22 ; P.A. 14-26 , S. 1 ; P.A. 15-192 , S. 3 ; P.A. 17-219 , S. 4 ; 17-226 , S.1 ; P.A. 18-122 , S. 2 .)
Amended by P.A. 23-0204,S. 353 of the Connecticut Acts of the 2023 Regular Session, eff. 1/1/2024.Amended by P.A. 22-0118, S. 157 of the Connecticut Acts of the 2022 Regular Session, eff. 10/1/2022.Amended by P.A. 22-0050, S. 4 of the Connecticut Acts of the 2022 Regular Session, eff. 10/1/2022.Amended by P.A. 21-0002, S. 286 of the Connecticut Acts of the 2021 Special Session, eff. 6/23/2021.Amended by P.A. 21-0193, S. 14 of the Connecticut Acts of the 2021 Regular Session, eff. 7/13/2021.