The proposed bill, General Assembly Proposed Bill No. 385, seeks to amend the general statutes by imposing a capital gains tax on endowment funds of institutions of higher education that exceed a valuation of five hundred thousand dollars per student for a taxable year. This new tax aims to generate revenue that will be specifically allocated to reduce the contribution requirements for participants in the Paid Family and Medical Leave Insurance Program, as outlined in section 31-49g of the general statutes.

The bill introduces the insertion of a capital gains tax on qualifying endowment funds while also establishing a dedicated use for the revenue generated from this tax. There are no deletions from current law mentioned in the text, indicating that the bill is adding new provisions rather than removing existing ones. The overall purpose of the bill is to create a financial mechanism that supports the Paid Family and Medical Leave Insurance Program through taxation of substantial endowment funds in higher education institutions.