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CT SB00385
CT SB00385An Act Establishing A Capital Gains Tax On Certain Endowment Funds Of Institutions Of Higher Education And Concerning The Use Of The Revenue Generated.
summary
Introduced
01/09/2025
01/09/2025
In Committee
01/09/2025
01/09/2025
Crossed Over
Passed
Dead
06/04/2025
06/04/2025
Introduced Session
2025 General Assembly
Bill Summary
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 31-49g of the general statutes.
AI Summary
This bill proposes to implement a new capital gains tax specifically targeting endowment funds of higher education institutions that have a value exceeding $500,000 per student in a given taxable year. The revenue generated from this tax would be dedicated to reducing the financial contribution required from participants in Connecticut's Paid Family and Medical Leave Insurance Program (PFML). By redirecting funds from large university endowments to support workers' family and medical leave benefits, the bill aims to provide financial relief to program participants while potentially addressing perceived inequities in how well-funded educational institutions are taxed. The proposed legislation would amend the state's general statutes to create this new tax mechanism and earmark the collected funds for a specific social support program, representing an innovative approach to funding workforce support through educational institutional taxation.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Joint Committee on Finance, Revenue and Bonding (on 01/09/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00385&which_year=2025 |
| BillText | https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-00385-R00-SB.PDF |
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