Page 168

House Bill No. 5506

Public Act No. 22-118 168 of 739

(b) (1) There is established an account to be known as the "social equity and innovation account" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be allocated by the Secretary of the Office of Policy and Management, in consultation with the Social Equity Council, to state agencies for the purpose of (A) paying costs incurred by the Social Equity Council, [as defined in section 21a-420, and] (B) administering programs under RERACA to provide (i) access to capital for businesses, (ii) technical assistance for the start-up and operation of a business, (iii) funding for workforce education, and (iv) funding for community investments, and (C) paying costs incurred to implement the activities authorized under RERACA. (2) Notwithstanding the provisions of sections 21a-420e and 21a- 420o, for the fiscal year ending June 30, 2022, the following shall be deposited in the social equity and innovation account: All fees received by the state pursuant to sections 21a-420l, 21a-420o and 21a-420u and subdivisions (12) and (13) of subsection (c) of section 21a-420e. (c) (1) On and after July 1, 2022, there is established a fund to be known as the "Social Equity and Innovation Fund" which shall be a separate, nonlapsing fund. The fund shall contain any moneys required by law to be deposited in the fund and shall be held by the Treasurer separate and apart from all other moneys, funds and accounts. Moneys in the fund shall be appropriated for the purposes of providing the following: Access to capital for businesses; technical assistance for the start-up and operation of a business; funding for workforce education; [and] funding for community investments; and paying costs incurred to implement the activities authorized under RERACA. All such appropriations shall be dedicated to expenditures that further the principles of equity, as defined in section 21a-420. (2) (A) For the purposes of subdivision (1) of this subsection, for the