After Proposed Tax on Endowment, Gov. Rick Scott Invites Yale to Move to Florida

[Tugg Speedman]

After Proposed Tax on Endowment, Gov. Rick Scott Invites Yale to Move to Florida

http://www.nbcnews.com/feature/college-game-plan/after-proposed-tax-endowment-gov-rick-scott-invites-yale-move-n547971?cid=sm_tw


Gov. Rick Scott, R-Florida, has invited one of the nation's most well-regarded universities to move from its Connecticut home down to his state.

Scott on Tuesday called on Yale to relocate to the Sunshine State in response to a consideration from the Connecticut state legislature to impose a tax on the school's $25.6 billion endowment.

"We would welcome a world-renowned university like Yale to our state," he said.
Struggling to close a state budget deficit, Connecticut lawmakers have proposed a 7 percent tax on the net investment profits of Yale's endowment. Scott vowed he wouldn't tax the Ivy League if it came to Florida.

[rocket surgeon]

How many times do these people want to tax the monies??  Quit fackin spending so damn much!!

[keefe]

How many times do these people want to tax the monies??  Quit fackin spending so damn much!!

Gotta pay for Husky Football...

World-Class athletics doesn't come cheap

[MU Fan in Connecticut]

Yale already replied with the statement, that "We've had a great 300 year relationship with the city of New Haven and the state of Connecticut and look forward to the next 300 years."

Only 2 lawmakers proposed it and it's not going anywhere.

[GGGG]

State laws require that not-for-profits go to great lengths to ensure that endowments are perpetual.  Furthermore, all of the proceeds are being spent for a purpose exempt from taxation.  So what exactly is Yale supposed to do here? 

Now if you want the federal government to require minimum endowment distributions that take away their perpetual nature, similar to what they do with private foundations, I could listen to that.  Say that instead of the 4-4.5% that many endowments currently pay out, that you increase those to 7-8%, I might be interested.

[Tugg Speedman]

I was thinking Yale could join the SEC once they move to Florida.

[Frenns Liquor Depot]

How many times do these people want to tax the monies??  Quit fackin spending so damn much!!

New Haven is a small city with all the problems you would expect from a major metro area.  Yale is the biggest thing in town.  If it were just as easy as you say above.... 

I did actually hear this morning that this was precipitated by Yale purchasing a building currently on the tax rolls and generating ~$250K in income for the city per year - which under new ownership goes away.  I'm sure there are a million crazy solutions to that problem...but its not like it isn't a real problem.

[GGGG]

New Haven is a small city with all the problems you would expect from a major metro area.  Yale is the biggest thing in town.  If it were just as easy as you say above.... 

I did actually hear this morning that this was precipitated by Yale purchasing a building currently on the tax rolls and generating ~$250K in income for the city per year - which under new ownership goes away.  I'm sure there are a million crazy solutions to that problem...but its not like it isn't a real problem.

Yale will likely offer to increase its service payments to the city.  But not by $250,000.

[MU Fan in Connecticut]

Every governor does this.  I see my governor (in the state where Yale resides) yesterday was sending letters to multiple corporations in North Carolina stating he would help them relocate to Connecticut if they are unhappy with the new "religious" laws.

[GooooMarquette]

Yale will likely offer to increase its service payments to the city.  But not by $250,000.

Yep.  Like many large non-profits, Yale probably pays a boatload of $$$ to the city as payments in lieu of taxes.

[Frenns Liquor Depot]

Yep.  Like many large non-profits, Yale probably pays a boatload of $$$ to the city as payments in lieu of taxes.

Yale will likely offer to increase its service payments to the city.  But not by $250,000.

Yes to both of you..and I did not mean to insinuate that its Yale's problem.  The city has the problem - multiple stakeholders will have figure out the solution.

[keefe]

I was thinking Yale could join the SEC once they move to Florida.

I'm not sure they could meet the stringent standards for academic performance demanded by the SEC of its student athletes.

[Chicos' Buzz Scandal Countdown]

Every governor does this.  I see my governor (in the state where Yale resides) yesterday was sending letters to multiple corporations in North Carolina stating he would help them relocate to Connecticut if they are unhappy with the new "religious" laws.

Connecticut already lost GE this year due to tax hikes. Global HQ was in Fairfield. I suppose a university is trickier to relocate, but those maneuvers have consequences.

[rocket surgeon]

Connecticut already lost GE this year due to tax hikes. Global HQ was in Fairfield. I suppose a university is trickier to relocate, but those maneuvers have consequences.

Well stated!  Hey Grayson, I just realized your screen name.  He was/is quite the figure head in Florida.  Care to share your logic behind choosing him?  Just curious, no biggie, but the name choice is clever unless he's a hero of yours I don't mean to offend, but.....

[Chicos' Buzz Scandal Countdown]

Well stated!  Hey Grayson, I just realized your screen name.  He was/is quite the figure head in Florida.  Care to share your logic behind choosing him?  Just curious, no biggie, but the name choice is clever unless he's a hero of yours I don't mean to offend, but.....

It's a yearlong token of appreciation for his transcendent performance in last year's NC game.

[MU Fan in Connecticut]

Connecticut already lost GE this year due to tax hikes. Global HQ was in Fairfield. I suppose a university is trickier to relocate, but those maneuvers have consequences.

They didn't loose GE to tax hikes.  That was the GE public excuse.  GE is moving to equally in not more expensive Boston.  Connecticut even made an offer of about the same magnitude as Massachusetts to move to downtown Stamford from Fairfield.

The topper is due to loopholes GE only paid $250 in taxes to the state of Connecticut and after the tax hike would continue to pay only $250.

[reinko]

They didn't loose GE to tax hikes.  That was the GE public excuse.  GE is moving to equally in not more expensive Boston.  Connecticut even made an offer of about the same magnitude as Massachusetts to move to downtown Stamford from Fairfield.

The topper is due to loopholes GE only paid $250 in taxes to the state of Connecticut and after the tax hike would continue to pay only $250.

[Tugg Speedman]

They didn't loose GE to tax hikes.  That was the GE public excuse.  GE is moving to equally in not more expensive Boston.  Connecticut even made an offer of about the same magnitude as Massachusetts to move to downtown Stamford from Fairfield.

The topper is due to loopholes GE only paid $250 in taxes to the state of Connecticut and after the tax hike would continue to pay only $250.

So why did GE move?

[Chicos' Buzz Scandal Countdown]

They didn't loose GE to tax hikes.  That was the GE public excuse.  GE is moving to equally in not more expensive Boston.  Connecticut even made an offer of about the same magnitude as Massachusetts to move to downtown Stamford from Fairfield.

The topper is due to loopholes GE only paid $250 in taxes to the state of Connecticut and after the tax hike would continue to pay only $250.

k

The move also will lower GE's tax bill. Even though Massachusetts is often called "Taxachusetts," it ranked 25th in a 2016 Tax Foundation survey of positive business tax climates among U.S. states. Connecticut ranked 44th, near the bottom.

http://mobile.reuters.com/article/idUSKCN0UR27P20160113

[Frenns Liquor Depot]

So why did GE move?

Access to talent

[Tugg Speedman]

Access to talent

CT is that undesirable for executives?

[Frenns Liquor Depot]

CT is that undesirable for executives?

No tech pool is much better in Boston...that is what the company narrative was post decision versus the initial 'threat'

[Tugg Speedman]

No tech pool is much better in Boston...that is what the company narrative was post decision versus the initial 'threat'

So, open a tech office in Boston.  Better, open a tech office in San Fran too.

Don't have to move the headquarters of one of the largest companies in the world because a bunch of nerds do not want to live in Stamford.

Has to be another reason.

[Chicos' Buzz Scandal Countdown]

No tech pool is much better in Boston...that is what the company narrative was post decision versus the initial 'threat'

The headquarters office is pretty meaningless in terms of work force. Fewer than 300 total out of a 300k+ person company. It's nicer to say you're motivated by the rich educational tradition of Boston rather than taxes, but that line doesn't make a ton of sense.

[Frenns Liquor Depot]

OK guys I'm just telling you what was said in the local press. I think there was something about wanting to be in a city as well. 

Think what you want but it is not like they moved to Texas or Fl. If they did that I would probably be in your camp.