The bill wants some big colleges that have lots of money, but aren't religious, to pay more taxes, raising the amount from a little bit (1.4%) to a big chunk (35%) of their extra money made from investments. This change would affect only those colleges with a LOT of extra money, over $10 billion, and is meant to start happening after the end of 2023.

The bill wants to change how certain schools count some of their students when figuring out if they have to pay a special tax, and it also asks these schools to tell more about how they count these students.

This bill wants to change how the government decides taxes for some private colleges, so they don't have to count certain students, like those not eligible for some aid, when figuring out if they owe extra taxes on their earnings. Plus, these colleges will need to tell the government more details about the number of students they count each year.