AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

This bill proposes a new tax on private colleges and universities that have endowments exceeding one billion dollars. The tax would charge two percent on the amount of the endowment that is above that one billion dollar threshold. Any money collected from this tax would be given to the city or town where the school is mainly located. Those local funds must be used specifically to hire and keep behavioral health staff, such as social workers and psychologists, for the public schools in that same area.