Senate Bill No. 1551 establishes a new "culture and tourism account" within the state's financial framework, replacing the previous General Fund designation. This account will receive a minimum of ten percent of the revenue generated from a specific state tax, starting with the quarter ending on September 30, 2025. The funds are intended to support grants for organizations that promote the arts, enhance tourism, and preserve historical resources. The bill also modifies the existing tax structure by repealing and substituting certain provisions in section 12-408 of the general statutes, clarifying tax rates for various sales and services, including lodging and meals, to streamline the tax code while ensuring that generated funds support arts and humanities activities.

Additionally, the bill mandates that organizations receiving grants from the culture and tourism account must submit detailed expenditure reports to Connecticut Humanities within six months of receiving the funds, which will then be shared with the relevant standing committees of the General Assembly. The bill also outlines a phased increase in the percentage of tax revenues allocated to the Special Transportation Fund, culminating in a full allocation by July 1, 2022. Overall, SB 1551 aims to adjust tax rates and revenue allocations to support state initiatives while ensuring accountability for grant recipients.

Statutes affected:
Raised Bill: 10-395
APP Joint Favorable: 10-395
File No. 879: 10-395