SB3514: A bill to amend the Internal Revenue Code of 1986 to increase the excise tax on net investment income of certain private colleges and universities.
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Internal Revenue Code of 1986 to increase the excise tax on net investment income of certain private colleges and universities.
Plain-language summary
This bill would raise the federal excise tax on investment income earned by certain private colleges and universities. An excise tax is a special tax on specific goods or activities. The bill targets private schools with substantial investment portfolios, meaning schools that hold significant money in endowments or other investments. Currently, private colleges with large endowments pay a 1.4% excise tax on their net investment income. The bill has been introduced in Congress by Senator J.D. Vance but has not yet advanced through .
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SB3514: A bill to amend the Internal Revenue Code of 1986 to increase the excise tax on…