CT SB00414

Restructures the property tax exemption for specified Connecticut colleges and universities (including Yale, Trinity, Wesleyan, Connecticut College for Women, and others) effective October 1, 2016.

Eliminates the exemption for real estate that generates annual income exceeding $6,000.

Eliminates the exemption for institutions holding real estate valued at more than $2 billion in aggregate where activities on that real estate generate annual income exceeding $6,000.

Continues to deny exemption for real estate owned, controlled, or held in trust by the Trustees of Berkeley Divinity School in Middletown.

Defines "activities" generating taxable income to include: rents from for-profit entities, admission fees for sports/entertainment facilities, fees for goods produced and sold, and service charges to the public or for-profit businesses.