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A new law seeks to increase the flow of venture capital to the state by allowing a state personal income tax deduction for the income a venture capital fund’s general partners receive from investing in Connecticut-based bioscience businesses. They may claim this deduction only for income from eligible investments made on or after January 1, 2018 through a fund established on or after that date (sSB 266, as amended by Senate “A,” effective July 1, 2018, and applicable to tax years beginning on or after January 1, 2018).
The Senate vote was 36 to 0, the House passed the bill 139 to 11.
S.B. 266: AN ACT CONCERNING INCENTIVES TO ENCOURAGE THE GROWTH OF BIOSCIENCE VENTURE CAPITAL IN CONNECTICUT.
- Paul Doyle (Senate District 9) YES
- Len Suzio (Senate District 13) YES
- Joseph Serra (House District 33) YES
- Matthew Lesser (House District 100) NO