HB7033: WEST Act of 2024 Woke Endowment Security Tax Act of 2024
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 to apply a 6 percent excise tax on large endowments of certain private colleges and universities, and for other purposes.
Plain-language summary
The WEST Act of 2024 would add a 6 percent excise tax on large endowments at certain private colleges and universities. An excise tax is a special tax on specific goods or activities. The bill would amend the Internal Revenue Code, which is the main federal tax law. It was introduced by Representative Ken Calvert but has not yet been considered by a . The bill does not specify which colleges would be affected or what counts as a 'large' endowment.
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HB7033: WEST Act of 2024 Woke Endowment Security Tax Act of 2024