CT HB07226

Creates a Connecticut Arts Endowment Fund that receives proceeds from bonds issued under sections 10-405 to 10-408, with the State Treasurer investing the funds and crediting investment earnings to the fund.

Changes the annual distribution calculation from the greater of market value increase (not exceeding 5%) or investment earnings to a fixed 4% of the average market value of the fund over the most recent four fiscal years.

Requires arts organizations to apply annually by December 15th with copies of their IRS tax returns showing contributions from the two most recently completed fiscal years to receive state matching grants.

Eliminates the $500 minimum grant requirement when matching grants must be reduced on a pro rata basis due to insufficient funding, but maintains the $500 minimum for actual grant payments made by April 15th.

Effective July 1, 2017.