The bill, Substitute House Bill No. 6704, with File No. 188, proposes the establishment of a task force to study the feasibility and methods for implementing rental savings accounts in the state. The study will focus on the design and operation of tax-advantaged rental savings accounts for tenants to pay rental expenses, and assess the potential impact on the banking industry, tenants and landlords, employers, the state economy, and state revenue. The task force will consist of members appointed by various legislative leaders and will include representatives from the banking industry, housing advocacy groups, tenants, landlords, employers, the Commissioner of Housing, and the CEO of the Connecticut Housing Finance Authority. Members from the General Assembly may also be appointed to the task force.

The bill outlines the procedures for appointments, the selection of chairpersons, and the scheduling of meetings. The task force is required to submit a report on its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to housing by January 1, 2024. The task force will terminate upon submission of the report or on January 1, 2024, whichever is later. The bill specifies that there will be no fiscal impact to the state or municipalities as the task force has the expertise to meet the requirements of the bill without additional costs. The bill includes insertions that indicate the file number and the new section to be enacted upon passage. The legislative commissioners have rewritten subsection (a) for clarity.