CT HB06404

Establishes a new "debt-free community college account" as a nonlapsing account within the General Fund to receive state appropriations, transfers from the Philanthropic Match account, and Connecticut Lottery deposits for the debt-free community college program.

Transfers all remaining funds from the Philanthropic Match account to the debt-free community college account, effective for fiscal year ending June 30, 2022 and thereafter.

Directs Connecticut Lottery Corporation to deposit revenue from online lottery draw games into the debt-free community college account after funding the Teachers' Retirement Fund Bonds Special Capital Reserve Fund.

Requires the Board of Regents for Higher Education to establish a permanent Endowment Fund for the Debt-free Community College Program by January 1, 2022, to accept donations and investment earnings for student awards.

Beginning July 1, 2023, authorizes the Board of Regents to use endowment fund assets in addition to the debt-free community college account to make awards to qualifying students under the existing debt-free community college program.