Unanimous legislative approval of a bill aimed at improving Connecticut’s analysis of economic incentives to businesses is on its way to Gov. Dannel P. Malloy, who vetoed similar legislation last year.
The Senate on Wednesday approved House Bill 7316, proposed by Comptroller Kevin Lembo, who is exploring a possible run for governor. Approval in the House occurred in mid-May.
If signed into law, the bill would streamline reporting requirements and expand the scope of reporting to include all business assistance and incentive programs. The state Auditors of Public Accounts would establish a professional advisory committee to evaluate economic incentives.
“Connecticut can only realize its great economic potential if it adopts best practices – beginning with how it analyzes the success and failures of our economic development programs,” Lembo said.
