CT SB00305

Establishes a program administered by the CHEFA Community Development Corporation to provide financial assistance to child care facilities located in "child care deserts" (census tracts with over 50 children under age 5 and either no child care facilities or a ratio of at least 3 children per available space).

Allows child care centers and fiscal agents to apply for financial assistance to fund construction, renovation, acquisition of facilities, equipment, and working capital needs for child care operations in designated child care deserts.

Creates a tax credit equal to 75% of cash contributions made by taxpayers to the CHEFA Community Development Corporation program, effective for income years beginning January 1, 2025.

Caps total tax credits reserved annually at $7.5 million, with individual taxpayer credits limited to their tax liability and permitted to carry forward for up to 5 years if unused.

Allows tax credits to be sold, assigned, or transferred to other taxpayers, but no more than 3 times.