Bill > H8192

This bill imposes a new tax on private institutions of higher education that have an endowment, which is a fund of donated money or property used for the institution's operations or programs, exceeding one billion dollars ($1,000,000,000). The tax will be two percent (2%) on every dollar over that one billion dollar threshold. The revenue generated from this tax will be placed in a special account and then given to the municipality where the private institution is primarily located or has most of its buildings. These funds are specifically designated to be used for hiring, keeping, and supporting behavioral health staff, such as social workers, school psychologists, and behavioral health specialists, within that municipality's public schools. The bill will become law as soon as it is passed.

Budget and Finance

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