AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

SB 778 imposes a 2% tax on the endowment value of private universities with endowments exceeding $1 billion. This tax applies only to amounts above $1 billion, targeting large private institutions like Harvard or Stanford if their endowments qualify. Revenue collected must be deposited into a restricted account and distributed to the municipality where the university is predominantly located. The funds are specifically required to hire, retain, and support behavioral health staff (such as social workers and psychologists) in public schools within that municipality. The bill takes effect upon passage and does not affect smaller institutions or public universities.