CT
Connecticut House Bill HB05985

Connecticut 2025 Regular Session

Connecticut House Bill HB05985

Introduced
1/22/25  

Caption

An Act Establishing A Community Endowment Fund And Tax Credit Program For Contributions To Said Fund.

Impact

The implementation of HB 5985 may significantly influence state laws concerning taxation and funding for nonprofit organizations. By establishing a tax credit, it incentivizes contributions that can enhance the operational capacity of community-based nonprofits. This policy change can lead to increased funding for various local projects, from social services to educational programs, reflecting a more resilient nonprofit sector that is better equipped to meet community demands. The bill signals a shift towards prioritizing local needs through enhanced financial support options.

Summary

House Bill 5985 aims to establish a Community Endowment Fund and introduce a tax credit program for contributions to this fund. The primary objective of this legislation is to bolster nonprofit infrastructure and address specific local community needs. By creating this endowment fund, the bill facilitates a structured approach to channel financial resources, affording local organizations the means to better serve their communities. Furthermore, the enactment of a tax credit for contributions encourages individuals and businesses to support these nonprofits financially, promoting a culture of philanthropy.

Contention

While proponents of HB 5985 advocate for the creation of the endowment fund as a means to empower local nonprofits, there may be potential contention regarding the allocation and management of these funds. Critics might express concerns about ensuring equitable distribution and oversight to prevent misuse. Additionally, questions may arise regarding the sustainability of funding through tax credits, particularly if state revenue is affected by an increase in these credits. Balancing the interests of donors and the communities they aim to aid could become a focal point of debate as the bill progresses.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00077

An Act Establishing A Capital Gains Tax On Certain Endowment Funds Of Institutions Of Higher Education And Concerning The Use Of The Revenue Generated.

CT HB05446

An Act Concerning Funding For Community Access Television, The Connecticut Television Network And Low-income Internet Access And Taxation Of Communications Services Providers.

CT SB00980

An Act Authorizing And Adjusting Bonds Of The State, Establishing Programs To Fund Projects In High Poverty-low Opportunity Census Tracts And Provide Exemptions From The Income Taxes For Residents Of Such Tracts, And Establishing A Reporting Requirement For Certain State Projects.

CT HB05653

An Act Establishing An Excise Tax On Ammunition To Provide Funding For Community Gun Violence And Intervention Program Grants.

CT HB05114

An Act Establishing An Excise Tax On Ammunition To Provide Funding For Community Gun Violence And Intervention Program Grants.

CT SB00131

An Act Concerning A Capital Gains Tax On Certain Endowment Funds Of Institutions Of Higher Education.

CT SB00318

An Act Concerning Community Access Programming Funding.

CT SB00351

An Act Increasing Funding For The Community Investment Account.

CT HB05868

An Act Authorizing Municipalities To Impose A Tax On The Endowment Funds Of Private Institutions Of Higher Education.

CT HB06015

An Act Concerning The Awarding Of Grants From The Connecticut Arts Endowment Fund.

Similar Bills

No similar bills found.