CT SB00746

Establishes the "Roberta B. Willis Scholarship account" as a separate, nonlapsing account within the General Fund, effective July 1, 2019, to receive private donations, bequests, and devises for the scholarship program.

Office of Higher Education shall use account resources to supplement need and merit-based grants from the Roberta B. Willis Scholarship program in addition to state appropriations.

Businesses authorized to do business in Connecticut may claim a tax credit equal to 50% of donations made to the Roberta B. Willis Scholarship program, effective for taxable years beginning January 1, 2020.

Total tax credits awarded under the credit cannot exceed $27 million, and donations exceeding amounts due during a taxable year do not qualify for the credit.

Office of Higher Education shall adopt guidelines for soliciting private donations, and businesses claiming credits must provide documentation required by the Commissioner of Revenue Services.