Bill > H2668

This bill proposes to establish an "Educational Opportunity for All Trust Fund" by imposing an annual tax of 1% on the endowment funds of private institutions of higher learning that have over $1 billion in their endowment. An endowment fund is defined as an institutional fund not entirely spendable on a current basis. The revenue generated from this tax will be deposited into the newly created trust fund, which will be managed by the Executive Office of Education and overseen by a seven-member Board of Trustees. This board will include designees from the departments of higher education and early education and care, along with five appointed trustees with expertise in relevant fields, including representatives from community colleges and private institutions subject to the tax. The fund's purpose is to subsidize the cost of higher education and early education and childcare for lower and middle-income residents of the commonwealth, ensuring that expenditures do not lead to a deficit.