When Universities Swallow Cities
- Title
- When Universities Swallow Cities
- Creator
- Davarian L. Baldwin
- Description
- In March 2016, as New Haven struggled to balance its shrinking budget, Mayor Toni Harp joined alders and local unions calling for a State Senate bill to help fine-tune Yale University’s property-tax-exempt status. Universities and their medical centers are registered with the Internal Revenue Service as 501(c)(3) charitable nonprofit groups. Because of the public services that higher-education institutions provide to surrounding communities, their property holdings are exempt from taxation in all 50 states. The Connecticut bill, SB 414, would allow the state to tax university properties that generate $6,000 or more in annual income. Another bill, SB 413, which died in committee, sought to tax unspent returns on Yale’s endowment...
- Publisher
- The Chronicle of Higher Education
- Date
- 2017
- Format
- article
- Link
- www.chronicle.com
- Source
- Baldwin, Davarian L. “When Universities Swallow Cities.” The Chronicle of Higher Education, vol. 63, no. 42, 4 Aug. 2017