CT SB01138

Establishes community development corporations and community development credit unions to support community restoration in distressed municipalities through programs focused on early childhood education, school achievement, asset rebuilding, homeownership, employment pathways, and transportation.

Creates a Community Development Corporation Trust Fund to be funded by taxes on cannabis cultivation facilities ($35/ounce of flowers, $13.50/ounce of trim) and 3% local sales tax on cannabis retail sales, with state-retained portions deposited into the fund.

Establishes a Community Development Corporation Oversight Council consisting of the Treasurer, Commissioner of Economic and Community Development, executive director of the Commission on Equity and Opportunity, and four governor-appointed members to oversee designations and fund disbursements.

Designates community impact zones within eligible census tracts in distressed municipalities based on socioeconomic metrics, with one zone per municipality under 100,000 population and two zones for larger municipalities.

Amends the sales tax code to route cannabis retail tax revenue (from Section 7) to the Community Development Corporation Trust Fund, with municipalities also receiving point-of-sale based distributions from cannabis sales tax revenues.