H.R. 9331, known as the “Higher Education Accountability Tax Act,” aims to amend the Internal Revenue Code of 1986 to change the excise tax on investment income for private colleges and universities. The bill proposes increasing the tax rate from 1.4% to 10% and sets an even...
Simple Explanation
The bill wants private colleges and universities to pay more money from the income they earn by investing, with higher taxes if they raise their student costs too much. It also means more schools would have to pay this tax if they have a certain amount of money saved for each student.