CT HB05354

Establishes a permanent endowment fund by the Connecticut Higher Education Supplemental Loan Authority by January 1, 2021 to receive donations for the Roberta B. Willis Scholarship program.

Requires the authority to transfer at least 50% of annual endowment gifts to the Office of Higher Education starting July 1, 2022 to fund undergraduate grants under the Roberta B. Willis Scholarship program.

Allows donors to claim either a personal income tax deduction from Connecticut adjusted gross income or an estate tax credit equal to 50% of their endowment fund donation for taxable years beginning January 1, 2021.

For estate tax purposes, lifetime endowment gifts receive a credit compounded annually at 10% until the donor ceases state residency, the decedent's death, or 20 years, whichever comes first.

Modifies the Roberta B. Willis Scholarship program structure to fund need and merit-based grants (20-30%), need-based grants (up to 80%), and Charter Oak grants (minimum $100,000) from appropriations plus endowment transfers.