The proposed bill, sHB5571, establishes a refundable tax credit for "qualified operators" managing the PeoplesBank Arena in Hartford, defined as parties to agreements with state agencies that commit to hosting a minimum of fifteen events annually for at least fifteen years. The tax credit, effective from the 2026 tax year, allows for a maximum of five million dollars per year, with a total cap of ten million dollars for all credits issued. The bill also creates a working group to evaluate market-based sourcing of income from investment assets for financial institutions, focusing on economic competitiveness and equitable tax treatment, with a report due by January 1, 2027.

Additionally, the bill modifies the angel investor tax credit program by reducing the employee residency requirement from 75% to 50% and introduces new definitions for "control" and "related person." It also revises the definition of "research and experimental expenditures" for the R&D tax credit program, broadening the criteria to include federally-deductible expenses incurred for research conducted in Connecticut. The farm investment tax credit program is also revised to allow taxpayers with a federal gross income from farming of at least $250,000 to qualify, replacing the previous requirement. The bill includes various technical adjustments and repeals certain existing statutes, with provisions effective upon passage and others starting on July 1, 2026.

Statutes affected:
Raised Bill: 12-704d
FIN Joint Favorable: 12-704d
File No. 686: 12-704d