PA 17-213—sHB 7226

Commerce Committee

Finance, Revenue and Bonding Committee

AN ACT CONCERNING AWARDS FROM THE CONNECTICUT ARTS ENDOWMENT FUND

SUMMARY: This act adjusts the amount available each year for matching grants from the Connecticut Arts Endowment Fund, which provides the grants to nonprofit Connecticut arts organizations that raise a certain amount of funds from private donors (CGS 10-407).

Under prior law, the amount available was the greater of the (1) total increase in the fund's market value, up to 5% of its total market value, or (2) fund's investment earnings. The act sets the amount at 4% of the fund's four-year average market value.

The act also eliminates a requirement that the state treasurer annually notify the Department of Economic and Community Development and the Connecticut Arts Council on the fund's total (1) increase in market value and (2) investment earnings for the prior fiscal year. Instead, she must only notify the department and council of the amount available for grant payments.

EFFECTIVE DATE: July 1, 2017