[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3514 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 3514

 To amend the Internal Revenue Code of 1986 to increase the excise tax 
 on net investment income of certain private colleges and universities.


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                   IN THE SENATE OF THE UNITED STATES

                           December 14, 2023

   Mr. Vance introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the excise tax 
 on net investment income of certain private colleges and universities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN EXCISE TAX ON NET INVESTMENT INCOME.

    (a) In General.--Section 4968 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(e) Increase in Tax in Case of Certain Institutions.--In the case 
of an applicable educational institution--
            ``(1) which is not religious in nature, and
            ``(2) the aggregate fair market value of the assets of 
        which at the end of the preceding taxable year (other than 
        those assets which are used directly in carrying out the 
        institution's exempt purpose) is at least $10,000,000,000,
subsection (a) shall be applied by substituting `35 percent' for `1.4 
percent'.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2023.
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