The proposed legislation, General Assembly Substitute Bill No. 428, establishes the Academic Research Funding Commission within the Executive Department, effective July 1, 2026. The commission will consist of various members appointed by legislative leaders and the Governor, including faculty from The University of Connecticut and other state universities, as well as representatives from large industry sectors. The commission's primary responsibility will be to award research funding grants to faculty at institutions of higher education in Connecticut, particularly focusing on areas of research that have faced funding reductions from federal agencies. The commission will also have the authority to accept donations, establish bylaws, and report annually on its activities and recommendations.

Additionally, the bill appropriates $50 million from the General Fund for the fiscal year ending June 30, 2027, to support the commission's grant distribution efforts. The initial appointments to the commission must be completed by September 1, 2026, with terms varying between two to three years depending on the appointing authority. The commission will be co-chaired by the vice presidents of research from The University of Connecticut and Yale University, and it will be required to meet regularly and report on its activities to the Governor and relevant legislative committees. The bill also includes provisions for filling vacancies and outlines the quorum requirements for conducting business.