Representatives Introduce Endowment Excise Tax Repeal Bill
Representatives Brendan Boyle (D-PA) and Bradley Byrne (R-AL) recently introduced the Don’t Tax Higher Education Act (H.R. 4438), legislation that would repeal the 1.4 percent excise tax on the net investment income of certain private colleges and universities included in the new tax law. CASE supports repealing the tax, also known as the endowment excise tax.
Rep. Byrne introduced this bill last Congress (H.R. 5220–115th) with former Rep. John Delaney (D-MD). Since its reintroduction, four additional lawmakers have cosponsored H.R. 4438.
CASE will work with other higher education associations to build support for the bill in Congress. While advocating for its repeal, the higher education community has shared feedback and concerns regarding the implementation of the net investment income tax with the U.S. Treasury Department and Internal Revenue Service. CASE recently signed on to a letter by the National Association of College and University Business Officers to the IRS and Treasury Department providing comments on the proposed regulations for the tax.