H. R. 9213, also known as the “Endowment Accountability Act,” seeks to change the Internal Revenue Code by increasing the excise tax rate on investment income of private colleges and universities from 1.4% to 10%. It also aims to broaden the definition of which educational...
Simple Explanation
The bill wants to make private colleges pay a lot more money on the profit they earn from their savings, by raising the tax from 1.4% to 10%, and include more schools in this rule by lowering the money each student is counted to have from $500,000 to $200,000.