Endowment Accountability Act

This bill increases a tax on investment income earned by private colleges and universities from 1.4% to 10%. It also lowers the asset threshold triggering this tax, requiring schools with over $200,000 in endowment assets per student to pay the tax (down from $500,000). The tax applies to investment income for institutions meeting the new threshold, directly affecting larger private colleges with significant endowments. The changes take effect for taxable years starting after the bill becomes law.