Bill > S1465

This bill proposes to impose an annual 1% excise tax on the endowment funds of private institutions of higher learning in Massachusetts that exceed $1,000,000,000, where 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 a newly established "Educational Opportunity for All Trust Fund." This fund will be managed by the Executive Office of Education, overseen by a seven-member Board of Trustees with specific expertise in higher education, early education, child care, labor representation, and community college and private institution employees, and will be used exclusively to subsidize the costs of higher education and early education and child care for lower and middle-income residents of the Commonwealth, ensuring the fund does not end up in deficit at the end of any fiscal year.