Education

House panel advances bill to raise college endowment tax up to 21%

From Higher Ed Dive: “House Republicans on the powerful Committee on Ways and Means advanced a sweeping bill that would raise the excise tax the nation’s wealthiest private universities pay on their endowments by 15 times. Private universities with $2 million in endowment funds per student would pay a 21% excise tax on their net investment income — the same rate for-profit corporations pay. Colleges subject to the excise tax with lower levels of endowment funds per student would pay less, with rates starting at the current level of 1.4%.”

View the full article from Higher Ed Dive.