State Representative Dave Yaccarino (R-North Haven) joined legislative colleagues from the Finance, Revenue and Bonding Committee on Thursday, April 5, in voting in support of Senate Bill 266, An Act Concerning Incentives To Encourage The Growth Of Bioscience Venture Capital In Connecticut.
The bill, which Rep. Yaccarino introduced, seeks to exempt from the personal income tax certain income received by a manager of certain venture capital funds that invest in Connecticut bioscience businesses. The exemption applies to income received by a general partner from a sale or transfer of the fund’s equity interests in such businesses and for his or her management for the fund, adjusted according to the ratio of the fund’s investments in such businesses.
Senate Bill 266 will keep bioscience and biotech investors in Connecticut by providing a tax incentive, which Rep. Yaccarino said “will further grow our economy and jobs.”
“Bioscience is a driving force in our world and has the ability to transform our economy. Connecticut has what it takes to become a bioscience leader, and this legislation can draw greater resources and opportunities to our state with high-paying sustainable jobs. Investments in the bioscience and biotech industry also provide a greater likelihood of developing cures for rare diseases as well as delivering lower costs of healthcare services. There is only so much that can be done to raise taxes or cut spending, we need to grow our economy,” said State Rep. Dave Yaccarino.
The bill was voted out of committee and now awaits full debate by the legislature.