Substitute Senate Bill No. 858 establishes the "Mashantucket Pequot and Mohegan Fund" as a separate nonlapsing fund, which will receive contributions from the Mashantucket Pequot Tribe according to a joint memorandum of understanding. The bill repeals the existing Section 3-55i and introduces new provisions that mandate the transfer of funds from the General Fund to the Mashantucket Pequot and Mohegan Fund for fiscal years ending June 30, 2026, and beyond. Specifically, it requires a transfer of $139.38 million starting in fiscal year 2028, with the condition that this amount cannot be reduced without an emergency certification from the Governor and a two-thirds vote from the General Assembly.

Additionally, the bill modifies Section 3-55j to increase grants for the municipalities of Ledyard and Montville to up to $600,000 each if the state revokes taxation on non-Indian property on reservation land. While the bill maintains current funding levels through fiscal year 2026, it does not specify a funding source for fiscal year 2027, potentially leading to revenue losses for towns during that year. Overall, the bill aims to enhance financial support for municipalities impacted by the Mashantucket Pequot and Mohegan Fund while ensuring stable funding levels in the future, reflecting a commitment to support local communities and tribal entities through equitable financial assistance.

Statutes affected:
Committee Bill: 3-55i, 3-55j
APP Joint Favorable Substitute: 3-55i, 3-55j
File No. 894: 3-55i, 3-55j