Bill > S1834

This bill establishes the Educational Opportunity for All Trust Fund to subsidize the cost of higher education, early education, and child care for lower-income and middle-class residents of Massachusetts. The fund will be financed by an annual 2.5% excise tax on the endowments of private institutions of higher learning with aggregate funds exceeding $1 billion. The fund will be managed by a 7-member board of trustees, including representatives from the state's higher education and early education agencies, as well as appointed members with expertise in these areas. The board will oversee the distribution of the funds to support educational opportunities for the residents of Massachusetts.