CT SB00530

Allows municipalities to establish residential property tax credits for homeowners who make voluntary cash donations to approved community supporting organizations, with credit amounts not exceeding the donation amount.

Requires taxpayers to apply for municipal property tax credits between January 1 and April 2 of the assessment year (or September 1 to December 2, 2018 for the 2017-2018 assessment year).

Permits individuals to claim a state-wide income tax credit equal to voluntary cash donations made to Commissioner of Revenue Services-approved community supporting organizations, with credits limited to personal income tax liability.

Establishes that donations cannot be used to claim credits for more than one assessment or tax year, and imposes fines up to $500 and required repayment for fraudulent claims.

Defines eligible recipients as 501(c)(3) tax-exempt organizations approved by municipalities or the Commissioner of Revenue Services.