Bill Text: CT HB05098 | 2016 | General Assembly | Introduced

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Bill Title: An Act Concerning A Tax On Certain Educational Institutions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-02-09 - Referred to Joint Committee on Finance, Revenue and Bonding [HB05098 Detail]

Download: Connecticut-2016-HB05098-Introduced.html

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General Assembly		Proposed Bill No. 5098
February Session, 2016		LCO No. 925
		*00925*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. LEMAR, 96th Dist.

AN ACT CONCERNING A TAX ON CERTAIN EDUCATIONAL INSTITUTIONS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to impose a tax on the endowments of educational institutions where revenue generated therefrom will be used to fund universal free community college for state residents, provided such educational institution (1) has an endowment asset threshold of one billion dollars, and (2) does not spend at least five per cent of their endowment on educational support activities.

Statement of Purpose:

To impose a tax on the endowment of educational institutions to create a revenue stream for universal free community college for state residents.