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S 3465 United States Senate · 118th Congress

WEST Act of 2023

S 3465 (WEST Act of 2023) imposes a 6% excise tax on the non-exempt assets of certain large private colleges and universities. It directly affects institutions with endowments exceeding $12.2 billion (non-religious) or $9 billion (state-operated colleges) as of the end of the prior year. The tax applies to the aggregate fair market value of assets not used directly for the institution’s exempt educational purpose, calculated annually. The law takes effect for taxable years beginning after December 31, 2022.
Issues: ✓ Budget & TaxesSupports Budget & TaxesImposes 6% tax on large university endowments not used for education, generating revenue and closing tax loopholes for fiscal management.90% confidence ✗ EducationOpposes EducationImposes tax on university endowments, reducing institutional resources available for education, aligning with defunding indicator.85% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Dec 2023
Committee Review
Floor Vote
President
Introduced Dec 12, 2023 Last action Dec 12, 2023
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Full legislative history

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Total actions
2
Key actions
0
Committee
1
Dec 12, 2023
Committee
Read twice and referred to the Committee on Finance.
upper
Dec 12, 2023
Introduced
Introduced in Senate
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
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P
Photo of Tom Cotton
Tom Cotton
RRepublican
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