118th Congress · SENATE BILLBILL

S. 3514 — 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.

“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.”

Taxation

Introduced Dec 14, 2023

Last action Dec 14, 2023

Pipeline · Bill → Law

Step 1

Introduced

Dec 14, 2023

Step 2

Referred

Dec 14, 2023

Finance

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill increases the excise tax (from 1.4% to 35%) on the net investment income of private educational institutions whose assets had a aggregate fair market value of at least $10 billion in the preceding taxable year.

Provisions · 1 sectionsIntroduced in Senate

Timeline · 2 actions

Dec 14, 2023

Introduced in Senate

Dec 14, 2023

Read twice and referred to the Committee on Finance.