What is the official ID of this bill?
The official print number for this legislation is S 3465.
New 6% Tax on Large Investment Funds of Wealthiest Private Universities.
This bill establishes a new 6% excise tax targeting the massive investment funds (endowments) held by the wealthiest private colleges and universities. The tax applies to institutions whose non-exempt assets exceed billions of dollars. While the tax is levied on the institutions, citizens and students might see indirect effects, such as potential adjustments to tuition fees or changes in university spending.
Key points
Imposes a 6% excise tax on the aggregate fair market value of assets held by specified large private university endowments.
The tax applies primarily to non-religious private institutions with non-exempt assets valued at $12.2 billion or more.
The new tax provisions are effective for taxable years beginning after December 31, 2022.
Status:
Expired
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