118 HR 9213 IH: Endowment Accountability Act U.S. House of Representatives 2024-07-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 9213IN THE HOUSE OF REPRESENTATIVESJuly 30, 2024Mr. Lawler introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to increase the rate of the excise tax based on investment income of private colleges and universities and to broaden the definition of applicable educational institution by lowering the threshold with respect to aggregate fair market value per student, and for other purposes.

1.

Short title

This Act may be cited as the Endowment Accountability Act.

2.

Excise tax based on investment income of private colleges and universities

(a)

Increase in rate of tax

Section 4968(a) of the Internal Revenue Code of 1986 is amended by striking 1.4 percent and inserting 10 percent.(b)

Lowering asset per student threshold for definition of applicable educational institution

Section 4968(b)(1)(D) of such Code is amended by striking $500,000 and inserting $200,000.(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.