CT HB07147

Municipalities may impose a tax of up to 2% on the net investment income of private colleges and universities with assets exceeding $300 million, effective for taxable years beginning January 1, 2026

Only municipalities where more than 50% of an institution's enrolled students attend classes are eligible to impose the tax

Imposition of the tax requires an affirmative vote by the municipality's legislative body

Municipal tax collectors will administer the tax, with the Commissioner of Revenue Services prescribing necessary forms and authorized to adopt enforcement regulations

Municipalities may choose to collect the tax in either a single installment or two semiannual installments