State lawmakers have approved a $10 million tax credit package intended to keep UConn basketball and hockey games at Hartford’s PeoplesBank Arena for roughly the next two decades.
The provision, included in the fiscal 2027 budget adjustment bill backed by Gov. Ned Lamont, allows the arena’s qualified operator to claim up to $2 million annually in tax credits for five years if it enters into a long-term agreement with UConn.
Under the legislation, the agreement must require UConn to participate in at least 20 athletic events per academic year at PeoplesBank Arena. The deal must begin no later than July 1, 2027, and run through at least Sept. 1, 2045.
Eligible UConn events include men’s and women’s basketball games and men’s hockey games.
Lamont’s office said the tax credits will ensure UConn’s basketball and hockey teams play games in Hartford for the next 20 years.
The arena is operated by Los Angeles-based Oak View Group under an agreement with the Capital Region Development Authority. Under a deal approved in 2024, Oak View Group committed $20 million toward renovations and upgrades at the roughly 16,000-seat downtown venue in exchange for a 20-year extension of its management contract.
The final budget language is more specific than an earlier proposal considered by the legislature’s Finance, Revenue and Bonding Committee. That bill would have provided up to $10 million in tax credits for an arena operator that agreed to host at least 15 events annually for 15 years.
The adopted language instead ties the credits directly to UConn athletic events and requires at least 20 games per academic year.
The legislation also includes a clawback provision requiring the arena operator to repay a prorated portion of the tax credits if it fails to host the required number of UConn events because of a breach of the agreement.
The agreement must also provide UConn with a share of arena profits. The operator would remain responsible for any net losses, while UConn would receive an increasing share of arena profits over the first five years, eventually reaching 50% of the first $4 million in annual net profits and 25% of profits above that level.
The measure comes after PeoplesBank Arena underwent a $145 million renovation and amid continued efforts by state and Hartford officials to keep the venue active as an anchor for downtown restaurants, bars and other businesses.
UConn’s presence at the arena has historically been governed by shorter-term agreements. University officials have said UConn games drive significant activity in downtown Hartford, bringing fans to the city and supporting local spending.
