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S 1547 117th Congress Senate Taxation Employment and training programs Higher education Sales and excise taxes Social work, volunteer service, charitable organizations

Ivory Tower Tax Act of 2021

Introduced: May 11, 2021 Introduced by: Cotton, Tom Republican · Arkansas See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 2021
Read twice and referred to the Committee on Finance.
May 11, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now May 11, 2021

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1