| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | - | LCO 1 of 2 | |
| 3 | + | LCO No. 3990 1 of 2 | |
| 4 | 4 | ||
| 5 | - | General Assembly | |
| 5 | + | General Assembly Raised Bill No. 7147 | |
| 6 | 6 | January Session, 2025 | |
| 7 | + | LCO No. 3990 | |
| 8 | + | ||
| 9 | + | ||
| 10 | + | Referred to Committee on PLANNING AND DEVELOPMENT | |
| 11 | + | ||
| 12 | + | ||
| 13 | + | Introduced by: | |
| 14 | + | (PD) | |
| 15 | + | ||
| 7 | 16 | ||
| 8 | 17 | ||
| 9 | 18 | ||
| 10 | 19 | AN ACT AUTHORIZING MUNICIPALITIES TO IMPOSE A TAX ON THE | |
| 11 | 20 | ENDOWMENT FUNDS OF PRIVATE INSTITUTIONS OF HIGHER | |
| 12 | 21 | EDUCATION. | |
| 13 | 22 | Be it enacted by the Senate and House of Representatives in General | |
| 14 | 23 | Assembly convened: | |
| 15 | 24 | ||
| 16 | - | Section 1. (NEW) (Effective October 1, 2025, and applicable to | |
| 17 | - | years commencing on | |
| 25 | + | Section 1. (NEW) (Effective October 1, 2025, and applicable to assessment 1 | |
| 26 | + | years commencing on and after October 1, 2025) (a) As used in this section: 2 | |
| 18 | 27 | (1) "Applicable educational institution" means an independent 3 | |
| 19 | 28 | institution of higher education, as defined in section 10a-173 of the 4 | |
| 20 | 29 | general statutes, whose assets have an aggregate fair market value 5 | |
| 21 | 30 | exceeding three hundred million dollars at the end of the preceding 6 | |
| 22 | 31 | taxable year; and (2) "net investment income" has the same meaning as 7 | |
| 23 | 32 | provided in 26 USC 4940(c), as amended from time to time. 8 | |
| 24 | 33 | (b) A municipality in which greater than fifty per cent of the students 9 | |
| 25 | 34 | enrolled in an applicable educational institution attend classes may, 10 | |
| 26 | 35 | upon the affirmative vote of the legislative body of such municipality, 11 | |
| 27 | 36 | impose a tax not exceeding two per cent of the net investment income 12 | |
| 28 | 37 | of such institution for each taxable year. 13 | |
| 29 | 38 | (c) The legislative body of a municipality, upon approving the 14 | |
| 39 | + | Raised Bill No. 7147 | |
| 40 | + | ||
| 41 | + | ||
| 42 | + | ||
| 43 | + | LCO No. 3990 2 of 2 | |
| 44 | + | ||
| 30 | 45 | imposition of a tax pursuant to this section, shall determine whether 15 | |
| 31 | 46 | such tax shall be due and payable in a single installment or in two 16 | |
| 32 | 47 | semiannual installments and shall designate the date or dates on which 17 | |
| 33 | - | such installment or installments shall be due and payable. 18 Substitute Bill No. 7147 | |
| 34 | - | ||
| 35 | - | ||
| 36 | - | LCO 2 of 2 | |
| 37 | - | ||
| 48 | + | such installment or installments shall be due and payable. 18 | |
| 38 | 49 | (d) This section shall be administered by the tax collector of a 19 | |
| 39 | 50 | municipality. All forms necessary or convenient for the enforcement of 20 | |
| 40 | 51 | this section shall be prescribed by the Commissioner of Revenue 21 | |
| 41 | 52 | Services and shall be printed and furnished by such tax collector. The 22 | |
| 42 | 53 | Commissioner of Revenue Services may adopt and enforce rules and 23 | |
| 43 | 54 | regulations relating to the administration and enforcement of this 24 | |
| 44 | 55 | chapter, in accordance with chapter 54 of the general statutes. 25 | |
| 45 | 56 | This act shall take effect as follows and shall amend the following | |
| 46 | 57 | sections: | |
| 47 | 58 | ||
| 48 | 59 | Section 1 October 1, 2025, and | |
| 49 | - | applicable to | |
| 50 | - | commencing on | |
| 51 | - | ||
| 60 | + | applicable to assessment | |
| 61 | + | years commencing on and | |
| 62 | + | after October 1, 2025 | |
| 52 | 63 | New section | |
| 53 | 64 | ||
| 54 | - | Statement of Legislative Commissioners: | |
| 55 | - | In the effective date line, "assessment years commencing on and after | |
| 56 | - | October 1, 2025" was changed to "taxable years commencing on or after | |
| 57 | - | January 1, 2026" for accuracy and consistency with the general statutes. | |
| 65 | + | Statement of Purpose: | |
| 66 | + | To authorize municipalities to impose a tax on the endowment funds of | |
| 67 | + | a private institution of higher education located in the municipality. | |
| 58 | 68 | ||
| 59 | - | PD Joint Favorable Subst. -LCO | |
| 69 | + | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except | |
| 70 | + | that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not | |
| 71 | + | underlined.] | |
| 60 | 72 |