General Assembly Substitute Bill No. 5319
February Session, 2018 *_____HB05319VA____031518____*
General Assembly
Substitute Bill No. 5319
February Session, 2018
*_____HB05319VA____031518____*
AN ACT CONCERNING PROCEEDS FROM THE SALE OF PROPERTY PRESUMED ABANDONED BY VETERANS' CHARITABLE ORGANIZATIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 3-69a of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) (1) For the fiscal year ending June 30, 2005, the funds received under this part, excluding the proceeds from the sale of property deposited in the Special Abandoned Property Fund in accordance with section 3-62h, shall be deposited in the General Fund.
(2) For the fiscal year ending June 30, 2006, and each fiscal year thereafter, a portion of the funds received under this part shall, upon deposit in the General Fund, be credited to the Citizens' Election Fund established in section 9-701 as follows: (A) For the fiscal year ending June 30, 2006, seventeen million dollars, (B) for the fiscal year ending June 30, 2007, sixteen million dollars, (C) for the fiscal year ending June 30, 2008, seventeen million three hundred thousand dollars, and (D) for the fiscal year ending June 30, 2009, and each fiscal year thereafter, the amount deposited for the preceding fiscal year, adjusted in accordance with any change in the consumer price index for all urban consumers for such preceding fiscal year, as published by the United States Department of Labor, Bureau of Labor Statistics. The State Treasurer shall determine such adjusted amount not later than thirty days after the end of such preceding fiscal year.
(3) For the fiscal year ending June 30, 2019, and each fiscal year thereafter, all proceeds received under this part from the sale of property presumed abandoned by any veterans' charitable organization shall be deposited in the institutional general welfare fund of the Department of Veterans Affairs. As used in this subdivision, "veterans' charitable organization" means any person organized under chapter 602, or any predecessor statutes thereto, or under Section 501(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, that holds itself out to be established for any benevolent, educational, philanthropic, humane, scientific, patriotic, social welfare or advocacy purpose relating to or on behalf of veterans.
(b) All costs incurred in the administration of this part, except as provided in section 3-62h and subsection (a) of this section, and all claims allowed under this part shall be paid from the General Fund.
Sec. 2. Subsection (b) of section 9-750 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(b) Notwithstanding the provisions of section 3-69a, as amended by this act, if funds are deposited into the Citizens' Election Fund pursuant to the provisions of subdivision (2) of subsection (a) of this section, the aggregate amount of any such deposits shall be deducted from the amount deposited into said fund under subdivision (2) of subsection (a) of section 3-69a, as amended by this act, for the following fiscal year.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2018 3-69a
Sec. 2 July 1, 2018 9-750(b)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2018
3-69a
Sec. 2
July 1, 2018
9-750(b)
Statement of Legislative Commissioners:
Title was changed.
VA Joint Favorable Subst. -LCO
VA
Joint Favorable Subst. -LCO