ouse Republicans have slashed the number of colleges they are targeting for a new tax on endowment income.
The GOP majority on the Ways and Means Committee voted Monday night to modify a tax bill that includes several provisions affecting higher education. Among them is a proposal that makes college presidents blanch: an excise tax on endowment income for certain private colleges.
Under the first version of the bill, made public last week, private colleges would have been subject to a 1.4 percent tax on net investment income if they had 500 or more students and an endowment of at least $100,000 per full-time student. A Chronicle of Higher Education analysis found that about 140 schools would have been affected. The American Council on Education estimated the number affected as 155.