SENATE FINANCE COMMITTEE RELEASES BILL TEXT, INCLUDES PROPOSAL TO RAISE ENDOWMENT TAX
The Senate Finance Committee released its reconciliation bill tax Monday evening, which includes a proposal to raise the endowment tax on private colleges and universities, though at a lower rate than the recently passed House bill. The Senate’s tax, which caps at eight percent, maintains the House's tiered structure based on endowment size, while the current rate is 1.4 percent. The proposal also includes provisions regarding international students and exemptions for colleges not accepting federal financial aid. Duke is working closely with members of Congress and other institutions to mitigate the tax and will continue to pay close attention as it moves through the legislative process.
