CT Lawmakers Eye $10M Arena Tax Credits for UConn

0:00Connecticut lawmakers are eyeing a new bill to pump up Hartford's People's Bank arena with tax credits worth up to $10 million. The goal is locking in the University of Connecticut for long-term basketball and hockey games there, keeping the downtown spot buzzing. Raised Bill 5571 would give credits to the arena operator if they sign on for at least 15 events a year over 15 years. It's capped at $5 million annually and refundable. Hope View Group runs the place after dropping $20 million on upgrades for a 20-year deal. Officials like the Capital Region Development Authority's boss say this could extend Yukon's stay through fiscal year 2046, building on their current five-year lease. Yukon's athletic director points out they already host 15 basketball games and four hockey ones yearly, drawing crowds at boost local spots, and rake-in tax cash. The bill tweaks other incentives too, like angel investor credits staying at 25% up to 500,000 per person, updates too.

1:02Research and development in farm credits plus a group studying how bank source income for taxes. All this aims to sharpen Connecticut's edge on business draws while securing the arena's future as a game changer for the city. I'm Corey with the story that's your Hartford News today update, AI powered and always on.