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Read. Follow. Verify.Connecticut bill proposes capital gains tax on large college endowments to lower family and medical leave contributions
Last action · February 4, 2026: Referred to Joint Committee on Finance, Revenue and BondingSponsor: Ryan Fazio
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What This Bill Proposed
Connecticut Senate Bill 38 proposes a on university s valued at over $500,000 per student, with the revenue dedicated to lowering worker contributions to the Paid Family and Medical Leave Insurance Program.
Workers participating in the state family and medical leave program could see reduced payroll contribution amounts, while large higher education institutions holding high-value endowments per student would face a new liability.
- The Paid Family and Medical Leave Insurance Program in Connecticut is funded through mandatory employee contributions established by statute. context
Who It Would Have Affected
Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.
Institutions of Higher Education
Participants in the Paid Family and Medical Leave Insurance Program
Key Facts
- Proposed Bill No. 38 establishes a capital gains tax on endowment funds held by institutions of higher education.
- The tax applies specifically to endowment funds valued at a ratio of more than $500,000 per student for a taxable year.
- All revenue generated from the new capital gains tax is dedicated to reducing required employee contributions under the Paid Family and Medical Leave Insurance Program.
- The measure amends general statutes to alter both higher education endowment taxation and state leave program financing.
Frequently Asked Questions
Which university endowments would be subject to the proposed capital gains tax?
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News Coverage
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Votes, people, money & the original sourceWhere This Stands
This bill did not become law - Died at adjournment · in Senate committee.
Procedural history
1 action- Feb 4, 2026Connecticut General AssemblyCommitteeReferred to Joint Committee on Finance, Revenue and Bonding
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Connected Entities
Sources
cga.ct.gov
Analysis Score
0–100- Significance20Lowered because this bill did not pass (its text scored 60)
- Controversy75Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz35Current news / social attention level
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