Cash-Strapped Connecticut Wants to Tax Yale Endowments
- School fund posted 11.5 percent gain in 2015 fiscal year
- New Haven school endowment is second biggest behind Harvard
The campus of Yale University in New Haven, CT, U.S., on Friday, June 12, 2015.
Photographer: Craig Warga/BloombergThis article is for subscribers only.
Yale University’s endowment earned $2.6 billion in investment gains in fiscal 2015. A proposed bill in the Ivy League school’s home state of Connecticut is eyeing a share of the bounty as a source of revenue.
Schools with funds of $10 billion or more -- affecting Yale only -- could face a tax on endowment income, according to legislation introduced this month. Yale’s record $25.6 billion fund is the second largest in U.S. higher education, behind Harvard University’s $37.6 billion.