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CT SB00077
Bill
Status
Introduced
2/14/2024
Primary Sponsor
Ryan Fazio
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AI Summary
- Imposes a capital gains tax on endowment funds of institutions of higher education that have a value exceeding $500,000 per student in a taxable year
- Applies only to endowment funds meeting the specified per-student threshold ratio
- Dedicates all revenue generated from the capital gains tax to reducing participant contributions in Connecticut's Paid Family and Medical Leave Insurance Program under section 31-49g
- Referred to the Committee on Finance, Revenue and Bonding
- Introduced by Senator Fazio (36th District) during the February 2024 session
Legislative Description
An Act Establishing A Capital Gains Tax On Certain Endowment Funds Of Institutions Of Higher Education And Concerning The Use Of The Revenue Generated.
Last Action
Referred to Joint Committee on Finance, Revenue and Bonding
2/14/2024
Committee Referrals
Finance, Revenue and Bonding2/14/2024
Full Bill Text
No bill text available