CT HB05774

Establishes a tax credit for taxpayers subject to insurance premiums tax, corporation business tax, utility companies tax, or income tax who donate to extended learning opportunity programs sanctioned by local or regional boards of education.

Tax credit equals 100% of the amount donated, with a maximum of $50,000 per taxpayer and a total cap of $2 million per fiscal year.

Defines extended learning opportunity program as extracurricular learning programs providing academic, artistic, athletic, or social education to students beyond normal school hours.

Tax credit must be claimed in the income year it is earned and cannot be carried forward or refunded if not claimed.

Allows S corporations, partnerships, and single-member LLCs to claim the credit through their shareholders, partners, or owners respectively.