Connecticut SB38: AN ACT ESTABLISHING A CAPITAL GAINS TAX ON CERTAIN ENDOWMENT FUNDS OF INSTITUTIONS OF HIGHER EDUCATION AND CONCERNING THE USE OF THE REVENUE GENERATED.

What the bill says

An act ESTABLISHING A CAPITAL GAINS TAX ON CERTAIN ENDOWMENT FUNDS OF INSTITUTIONS OF HIGHER EDUCATION AND CONCERNING THE USE OF THE REVENUE GENERATED. Assembly convened: That the general statutes be amended to (1) impose a capital gains tax on any endowment fund of an institution of higher education, which fund is valued at a ratio of more than five hundred thousand dollars per student for a taxable year, and (2) dedicate the revenue from such tax to reducing the amount that participants in the Paid Family and Medical Leave Insurance Program are required to contribute under section 3149g of t.

From the introduced text:

AN ACT ESTABLISHING A CAPITAL GAINS TAX ON CERTAIN ENDOWMENT FUNDS OF INSTITUTIONS OF HIGHER EDUCATION AND CONCERNING THE USE OF THE REVENUE GENERATED. Assembly convened: That the general statutes be amended to (1) impose a capital gains tax on any endowment fund of an institution of higher education, which fund is valued at a ratio of more than five hundred thousand dollars per student for a taxable year, and (2) dedicate the revenue from such tax to reducing the amount that participants in the Paid Family and Medical Leave Insurance Program are required to contribute under section 3149g of the general statutes. Statement of Purpose: To impose a capital gains tax on certain endowment funds of institutions of higher education and dedicate the revenue from such tax to reducing the amount that participants in the Paid Family and Medical Leave Insurance Program are required to contribute under section 3149g of the general statutes. LCO No. 282 1 of

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Sponsors

• Ryan Fazio (R, 36) · primary sponsor

Latest actions

1. February 4, 2026: Referred to Joint Committee on Finance, Revenue and Bonding