I would tend to agree that this is a dangerous attempt at the state telling a church - any church, but in this case, the Roman Catholic church - how to conduct it's business.  Apparently the bill is an effort at oversight after recent embezzlement issues.  However, it seems to be fundamentally a misguided effort, interposing the State into  the business affairs of an organization for the purpose of potentially avoiding potential wrongdoing.  I'm pretty sure that a similar effort at control of an actual business or for-profit entity would be laughed out of the legislature, but since we're dealing with a church, all bets are off.

The Catholics have had their share of upstart attempts to redefine how they do their business.  While I was in St. Louis, the curious case of St. Stanislaus Kostka parish.  Basically, somehow the parish had managed to do just what the Connecticut resolution suggests - bypass the normal Catholic control and hierarchy in favor of a local oversight board that has the ability to control the property.  In the Catholic Church, property and other assets belong to the Church, not to the local congregation or parish.  The issue has recently been elevated as the Pope just excommunicated the presiding priest of the Church.  Not surprising.  This priest and the parish that he decided - on his own - to serve have basically refused to follow the Catholic Church's directives.  

If we want to keep the Church out of the State - as some very vocal minority interests desperately want to do, it would seem logical to apply the same argument in reverse - it would be best if the State did not seek to get any more involved than absolutely necessary in the life of the Church.  This would be a reasonable assumption, if you think that the current arguments about the relationship of Church and State aim at being objective and neutral.  Little ditties like this bill in Connecticut make it clear that the discussion is far from neutral.  

In light of the complete meltdown of the American economic system under systematic and pervasive abuses from a broad range of industries, and in light of the apparent rampant problems with forgetting to file taxes that key politicians have been discovered to have, it seems rather ironic to assume that the State is going to do a better job of ensuring the protection of religious constituents than the Church itself.   Rather, I think the ultimate goal of legislation like this is to make an area unpalatable for the Church - Roman Catholic or otherwise - to have an official presence.  This was the effect in Massachusetts, I believe, where rulings that demanded that Catholic adoption services provide adoptions to homosexual couples resulted in the Catholic Church shutting down all such adoption agencies in the State.  A new weapon in the war against the Church - fought through the State if not explicitly by the State - seems to be emerging.  Making it intolerable for the Church to operate without compromising integrity results at the surface level in a very similar end result to eliminating the Church - causing the Church to remove itself in an official capacity from a state.

Fortunately, there are several hopeful signs - one short term and the other long term.  The short-term hopeful sign is that the bill as written above requires the assent of a bishop or Archbishop - someone within the Catholic hierarchy would need to turn traitor to allow this sort of proposal (if passed into law, which I don't believe will happen) to move forward.  On the down side, it's clear that turncoat priests are not exactly unknown, as the St. Stanislaus situation demonstrates.

The real hope for me, in the longer term, is that the Church is more than an institution - far more.  Legislation might force the Church to change how it does what it does, but it won't ever succeed in keeping the Church from doing what it is to do - proclaim the Gospel and administer the Sacraments of God to His people.   All the churches in the country could be shuttered, and it still wouldn't accomplish what certain elements of our culture hope it would.  It's just a shame to see things come to this level though.  Not surprising (if you read your Bible), but disheartening and discouraging all the same.