CT SB01245

Defines "high poverty-low opportunity census tract" as a U.S. census tract where 40% or more of residents have incomes below the federal poverty level, requires the Secretary of the Office of Policy and Management to compile and maintain a list by July 1, 2023.

Authorizes the State Bond Commission to issue up to $2.5 billion in bonds ($250 million per fiscal year from July 1, 2023 to July 1, 2033) for construction/renovation of mixed-income housing, workforce development, preschool programs, K-12 education, public infrastructure, and gun violence prevention within qualifying census tracts.

Dedicates a portion of cannabis tax revenue to qualifying census tracts: 60% to Social Equity and Innovation Fund (with 25% for bond purposes) for fiscal years 2024-2026, increasing to 65-75% in subsequent years.

Establishes a personal income tax exemption program for qualifying residents (homeowners and renters) who have resided in a qualifying census tract for at least two years, with income limits of $250,000 (single filers) or $500,000 (joint filers).

Requires municipalities to implement outreach programs to publicize the tax exemption and mandates annual reporting to the General Assembly on program participation and revenue impacts.