The proposed bill, General Assembly Proposed Bill No. 38, 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 any endowment fund of an institution of higher education and specifies the dedication of the revenue from such tax to the aforementioned program. There are no deletions from current law mentioned in the text of the bill. The overall purpose is to create a new funding source for the Paid Family and Medical Leave Insurance Program while targeting wealthier educational institutions with substantial endowment funds.