New GOP bill seeks to hold private universities to same tax standard as corporations: 'On notice'
Fox News
Rep. Troy Nehls of Texas is introducing legislation to raise taxes on private university endowment profits to be in line with the corporate tax rate.
Aubrie Spady is a Writer for Fox News Digital.
However, a new Republican bill would raise that tax to hold elite educational institutions to the same tax standard as corporations, which currently see a 21% corporate tax.
Rep. Troy Nehls, R-Texas, is expected to introduce legislation on Wednesday, the Endowment Tax Fairness Act, to raise the excise tax on annual private university endowment investment returns by nearly 20 percentage points, from 1.4% to 21%.
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