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HB 5985 Connecticut House · 2025 Regular Session

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

HB 5985 establishes a Community Endowment Fund and a tax credit program for individuals or businesses that contribute to it. The bill allows donors to claim a tax credit equal to a percentage of their contribution, reducing their state tax liability. Funds collected will directly support nonprofit organizations and address local community needs, such as affordable housing or youth programs. This is a procedural bill focused on creating a new funding mechanism, not on altering existing laws or regulations.
Issues: ✓ Budget & TaxesSupports Budget & TaxesTax credit reduces donor tax liability to fund community programs, directly advancing public service funding through fiscal incentives.95% confidence ✓ HousingSupports HousingBill creates tax credit program funding Community Endowment Fund for affordable housing via nonprofit support, explicitly listing it as a key use case.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 22, 2025 Last action Feb 20, 2025
Floor votes

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Full legislative history

Actions timeline

Total actions
3
Key actions
0
Committee
1
Jan 22, 2025
Committee
REF. TO JOINT COMM. ON Finance, Revenue and Bonding
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Kai Belton
Kai Belton
DDemocratic
CT
100