
A recent amendment to the Senate Republicans’ domestic policy megabill could see small colleges and universities across the U.S. excused from paying an endowment tax, Politico reported Saturday.
Colleges and universities with fewer than 3,000 tuition-paying students could be exempt from paying a special tax on their endowment earnings after lawmakers raised their initial threshold for triggering the tax from the 500 tuition-paying students, according to the outlet.
The latest draft of the bill was reportedly released overnight as GOP leaders help the bill along toward the July 4 deadline.
The change followed the Senate rule-keeper Elizabeth MacDonough’s dropping of the exemption that the bill would have granted to religious and conservative colleges such as Hillsdale College — a southern Michigan college with 2,000 students, according to the outlet. The college, which receives no federal funding, lobbied hard for the carveout from what was aimed at America’s top-tier colleges with billions in endowment while receiving federal funding. The college was the only one of several other small colleges to initially secure the carveout, according to the outlet.
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Author: Ray Hilbrich
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