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General Assembly Substitute Bill No. 746
January Session, 2019
AN ACT ESTABLISHING THE ROBERTA B. WILLIS SCHOLARSHIP
ACCOUNT AND CREATING A BUSINESS TAX CREDIT.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective July 1, 2019) There is established an 1
account to be known as the "Roberta B. Willis Scholarship account" 2
which shall be a separate, nonlapsing account within the General 3
Fund. The Office of Higher Education shall deposit in said account any 4
private donation, bequest or devise made to it for the Roberta B. Willis 5
Scholarship program established pursuant to section 10a-173 of the 6
general statutes. Said account is intended to be in addition to those 7
resources that are appropriated by the state for the Roberta B. Willis 8
Scholarship program. The office shall use the resources of the account 9
to supplement the funding of the need and merit-based grants 10
awarded from said scholarship program. The office shall adopt 11
guidelines with respect to the solicitation of private donations for the 12
purposes of this section. 13
Sec. 2. (NEW) (Effective January 1, 2020, and applicable to taxable years 14
commencing on or after January 1, 2020) Commencing January 1, 2020, 15
and in each taxable year thereafter, any business authorized to do 16
business in the state that donates to the Office of Higher Education for 17
the Roberta B. Willis Scholarship program may claim a credit against 18
the tax imposed under chapter 208 of the general statutes. Such credit 19 Substitute Bill No. 746
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shall be equal to fifty per cent of the amount of the actual donation 20
made by the business to the program during the taxable year, 21
provided the total amount of tax credits awarded under this section 22
shall not exceed twenty-seven million dollars. Any donation to the 23
program in excess of the amounts due during the taxable year shall not 24
qualify for the credit. A business that claims the credit under this 25
section shall provide any documentation required by the 26
Commissioner of Revenue Services in a form and manner prescribed 27
by said commissioner. 28
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2019 New section
Sec. 2 January 1, 2020, and
applicable to taxable years
commencing on or after
January 1, 2020
New section
HED Joint Favorable Subst.
APP Joint Favorable