Malloy rejects bill to tax Yale endowment earnings
Updated at 1:55 p.m. with Gov. Dannel P. Malloy statement.
A tax proposed by top legislators on the earnings of Yale’s sizable endowment was shot down Tuesday by the administration of Gov. Dannel P. Malloy.
“Many proposals are put forward during the legislative session, and many stay as just that – proposals. We value Yale, the students it educates, the research and innovation it generates, and the neighborhoods it strengthens in New Haven,” said Devon Puglia, the Democratic governor’s spokesman.Â “As the governor has made clear, we don’t believe that new taxes should be part of our solution as Connecticut adjusts to a new economic reality. Instead, we should make the spending reductions necessary for living within our means.”
Florida Gov. Rick Scott Tuesday pitched his state as a new homeÂ for the Ivy League school if the tax moved forward, an offer Yale quickly declined to consider.
“It’s wonderful to be recognized as an outstanding asset, but Yale, New Haven, and Connecticut have been on common ground to great mutual benefit for 300 years. We’re looking forward to reaching even greater heightsÂ in education, research and civic engagementÂ over the next three centuries and more,” said Tom Conroy, Yale’s press secretary.
University officials opposed theÂ proposedÂ tax, which could generate millions for the state, and promised to challenge its constitutionalityin court.
Read the full story about the proposal here.
Here’s the Republican governor’s full press release:
Sign up for CT Mirror's free daily news summary.
Free to Read. Not Free to Produce.
The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.YES, I'LL DONATE TODAY