119 HR 446 IH: Endowment Tax Fairness Act U.S. House of Representatives 2025-01-15 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.

I119th CONGRESS1st SessionH. R. 446IN THE HOUSE OF REPRESENTATIVESJanuary 15, 2025Mr. Nehls (for himself and Ms. Boebert) 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 on investment income of private colleges and universities.

1.

Short title

This Act may be cited as the Endowment Tax Fairness 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 21 percent.(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.(c)

Federal debt reduction

The revenue derived from the amendment made by this section shall be deposited in the general fund of the Treasury and shall be used to reduce the national deficit, to the extent thereof, and thereafter to reduce the national debt.