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Bill > H2931


MA H2931

MA H2931
To support educational opportunity for all


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

Relative to the imposition of an annual excise tax upon certain private institutions of higher learning. Revenue.

AI Summary

This bill proposes to impose an annual excise tax of 2.5% on the endowment funds of private institutions of higher education that have an endowment over $1 billion. The revenue collected from this tax would be deposited into the "Educational Opportunity for All Trust Fund," which would be used to subsidize the cost of higher education, early education, and child care for lower-income and middle-class residents of Massachusetts. The fund would be managed by a 7-member board of trustees, including representatives from the Departments of Higher Education and Early Education and Care, as well as members with expertise in higher education, early education and child care, and the child care workforce.

Committee Categories

Budget and Finance

Sponsors (21)

Last Action

Accompanied a study order, see H5243 (on 09/22/2022)

bill text


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