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Students and towns urge option to tax college endowments; universities warn of harm to programs
Summary
Public testimony split on HB 7147, which would allow municipalities to tax private college endowments. Supporters from Middletown said Wesleyan's large endowment and landholdings justify an option to tax; university representatives warned an endowment tax would undermine scholarship programs and local investments.
House Bill 7147, which would authorize municipalities to impose a tax on endowment funds of private institutions of higher education, drew sharply divided testimony.
Residents and municipal advocates from Middletown described the fiscal imbalance they say occurs when a large tax‑exempt institution occupies substantial land and requires local police, fire and road services while making limited direct payments to the town. A witness representing the Middletown Democratic Town Committee said…
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