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HB 5985

AN ACT ESTABLISHING A COMMUNITY ENDOWMENT FUND AND TAX CREDIT PROGRAM FOR CONTRIBUTIONS TO SAID FUND.

2025 Regular Session Introduced by Kai Belton

HB 5985 creates a Connecticut Community Endowment Fund with tax credits incentivizing donations to generate sustainable community funding.

PUBLIC HEARING 0226
#communitydevelopment #taxcredits
0
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Bill Summary · HB 5985

Legislative bill overview

HB 5985 establishes a Community Endowment Fund in Connecticut and creates a tax credit program to incentivize charitable contributions to this fund. The legislation aims to generate sustained funding for community initiatives through both direct donations and tax incentives that reduce the cost to contributors.

Why is this important

Community endowment funds provide long-term, stable financing for local programs and services by investing contributions and distributing earnings perpetually. Tax credit programs increase participation in charitable giving by making donations more financially attractive to individuals and businesses, potentially expanding resources available for community development, social services, or economic revitalization efforts.

Potential points of contention

  • Cost to state revenue: Tax credits reduce state income, so the legislation must balance incentive generosity against the fiscal impact on Connecticut's budget
  • Fund governance and oversight: Questions about who controls the endowment, how contributions are allocated, and whether there are safeguards against mismanagement or favoritism
  • Equity and access: Whether the program adequately serves underserved communities or if it primarily benefits affluent areas with more donors and resources to contribute

Compiled from official sources — confirm details with the bill’s official record.

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