HR 8447
117th Congress
House
Taxation
Protecting Endowments from Our Adversaries Act
Introduced: July 20, 2022
Introduced by:
Murphy, Gregory F.
Republican
· North Carolina
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 20, 2022
Referred to the House Committee on Ways and Means.
Jul 20, 2022
Introduced in House
Plain-English summary
Protecting Endowments from Our Adversaries Act
This bill imposes an excise tax equal to 50% of the fair market values of certain investments made by private colleges and universities with assets or endowments exceeding $1 billion. It also taxes 100% of the net income of such investments held during a one-year period.
These investments are in certain foreign persons or entities (e.g., Chinese or Russian companies) that are included on lists maintained by the Department of Commerce and the Federal Communications Commission that identify persons or entities engaged in human rights abuses or that pose a threat to U.S. national security.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1