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To amend the Internal Revenue Code of 1986 to increase the rate of the excise tax on investment income of private colleges and universities.
Summary
This bill increases the federal excise tax on investment income earned by private colleges and universities from 1.4 percent to 21 percent. The increase applies to taxable years beginning after the bill's enactment. Revenue generated from the higher tax rate would be used to reduce the national deficit and debt.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
3 cosponsors
Money behind the sponsor
Top reported contributors to Troy E. Nehls’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Troy E. Nehls → · Outside spending →
Actions (2)
- Jan 15, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 15, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
January 15, 2025
Mr. Nehls (for himself and Ms. Boebert) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to increase the rate of the excise tax on investment income of private colleges and universities.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Endowment Tax Fairness Act”.
SEC. 2. EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE COLLEGES AND UNIVERSITIES.
(a) Increase in Rate of Tax.—Section 4968(a) of the Internal Revenue Code of 1986 is amended by striking “1.4 percent” and inserting “21 percent”.
(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
(c) Federal Debt Reduction.—The revenue derived from the amendment made by this section shall be deposited in the general fund of the Treasury and shall be used to reduce the national deficit, to the extent thereof, and thereafter to reduce the national debt. <all>
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