3.0.0 1547 2023-01-11T13:49:25Z 2023-01-11T13:49:25Z Senate S 2021-05-11 117 ssfi00 Finance Committee Senate Standing Referred to 2021-05-11T17:23:38Z Student Loan Reform Act of 2022 117 4897 S 2022-09-20 Read twice and referred to the Committee on Finance. Related bill CRS 2021-05-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-05-11 Introduced in Senate IntroReferral 10000 9 Library of Congress C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR N Taxation Employment and training programs Higher education Sales and excise taxes Social work, volunteer service, charitable organizations Taxation 00 2021-05-11 Introduced in Senate 2021-06-15T14:22:45Z Ivory Tower Tax Act of 2021

This bill imposes on each specified applicable educational institution an excise tax of 1% of the aggregate fair market value of its assets as of the end of the preceding taxable year. The bill defines specified applicable educational institution as any applicable educational institution, other than a religious institution, whose assets have an aggregate fair market of at least $2.5 billion at the end of the preceding taxable year.

The bill also imposes a 30% tax on undistributed excess endowment amounts of an educational institution, unless the failure to distribute such amounts is due to an incorrect valuation of assets that was not willful and was due to reasonable cause.

The bill requires the Department of the Treasury to transfer revenues generated by this bill to the Department of Labor to expand apprenticeship opportunities.

]]> Ivory Tower Tax Act of 2021 Display Title Ivory Tower Tax Act of 2021 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to apply a 1 percent excise tax on large endowments of certain private colleges and universities, to require that such institutions distribute at least 5 percent of large endowments in each taxable year, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Ivory Tower Tax Act of 2021 Introduced in Senate IS Introduced in Senate 2021-05-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s1547is/xml/BILLS-117s1547is.xml 2021-05-11 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.