The proposed bill, General Assembly Proposed Bill No. 385, seeks to amend current 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 capital gains tax on endowment funds while also removing any existing provisions that do not align with this new tax structure. The intent is to create a financial mechanism that not only targets wealthier educational institutions but also supports the funding of essential family and medical leave programs for workers in the state.