summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd 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 imposes an annual 2.5% excise tax on the endowment funds of private institutions of higher learning with endowments exceeding $1 billion. The revenue from this tax will be deposited into the newly established "Educational Opportunity for All Trust Fund," which will 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 will be managed by a board of trustees, including representatives from the Departments of Higher Education and Early Education and Care, as well as appointees with expertise in higher education, early education and child care, and the child care workforce.
Committee Categories
Budget and Finance
Sponsors (24)
Christine Barber (D)*,
Natalie Higgins (D)*,
Mike Connolly (D),
Manny Cruz (D),
Carol Doherty (D),
Mindy Domb (D),
Pat Duffy (D),
Jamie Eldridge (D),
Tricia Farley-Bouvier (D),
Ken Gordon (D),
Ryan Hamilton (D),
Jim Hawkins (D),
Vanna Howard (D),
Mary Keefe (D),
David LeBoeuf (D),
Jack Lewis (D),
Sam Montaño (D),
Brian Murray (D),
Tram Nguyen (D),
Lindsay Sabadosa (D),
Margaret Scarsdale (D),
Dan Sena (D),
Erika Uyterhoeven (D),
Susannah Whipps (I),
Last Action
Accompanied a study order, see H5161 (on 12/30/2024)
Taxonomy
Education
- ‐ Education of Underprivileged or Underrepresented Groups
- ‐ Higher Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://malegislature.gov/Bills/193/H2824 | 03/13/2023 |
| BillText | https://malegislature.gov/Bills/193/H2824.pdf | 03/13/2023 |
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