A bill to amend the Internal Revenue Code of 1986 to increase the excise tax on net investment income of certain private colleges and universities.

This bill increases the excise tax on investment income for large private colleges and universities. It applies specifically to non-religious institutions with at least $10 billion in non-exempt assets (assets not used for their educational mission) at year-end. The tax rate jumps from 1.4% to 35% on their net investment income. The change takes effect for tax years beginning after December 31, 2023.