Bill > S1547

This bill, the Ivory Tower Tax Act of 2021, proposes to amend the Internal Revenue Code to impose a 1% excise tax on certain large private colleges and universities with endowments exceeding $2.5 billion. It also requires these institutions to distribute at least 5% of their endowments each year, imposing a 30% tax on any undistributed excess endowment amount and a 100% tax on any remaining undistributed amount. Additionally, the bill directs the Treasury Department to transfer funds generated from this tax to the Department of Labor to expand apprenticeship programs registered under the National Apprenticeship Act.