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April 05, 2016

As Conn. Mulls Endowment Tax, Fla. Invites Yale to Relocate

With Connecticut lawmakers considering a proposal to tax some investment profits on Yale University's $26.5 billion endowment, Florida Gov. Rick Scott is beckoning the venerable New Haven institution to move south, reports The Washington Post. “We would welcome a world-renowned university like Yale to our state, and I can commit that we will not raise taxes on their endowment,”Mr.  Scott said in a news release last week.

The Republican governor issued his invitation as Yale and other wealthy private colleges face questions from GOP leaders in Congress over concurrent rises in investment income and student tuition. Connecticut Gov. Dannel Malloy, a Democrat, opposes the endowment-tax measure.

Yale officials politely declined the Sunshine State offer. “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,” university spokesman Tom Conroy said in a statement.