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119th CONGRESS
2d Session |
To amend the Internal Revenue Code of 1986 to increase the excise tax on investment income of private colleges and universities and provide greater funding to career and technical education.
Mrs. Moody introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to increase the excise tax on investment income of private colleges and universities and provide greater funding to career and technical education.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Technical Reinvestment and Apprenticeship Development through Endowment Sharing Act” or the “TRADES Act”.
SEC. 2. Supporting career and technical education for Americans.
(a) In general.—Section 4968(b)(3) of the Internal Revenue Code of 1986 is amended by striking “8 percent” and inserting “15 percent”.
(b) Funding for Career and Technical Education.—In addition to any other amounts made available to provide assistance to States under title I of the Carl D. Perkins Career and Technical Education Act of 2006 (20 U.S.C. 2321 et seq.), the Secretary of the Treasury (or the Secretary’s delegate) shall, on an annual basis, transfer to such program, from amounts in the general fund of the Treasury of the United States, an amount determined by the Secretary of the Treasury (or the Secretary’s delegate) to be equal to the increase in revenue for the preceding 12-month period by reason of the amendments made by subsection (a).
(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after the date which is 12 months after the date of enactment of this Act.