S. 3514 proposes an amendment to the Internal Revenue Code of 1986, aiming to increase the excise tax on net investment income for certain private colleges and universities. Specifically, it targets those institutions that are not religious and have assets, excluding those...
Simple Explanation
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.