(Bloomberg) — A tax on the richest private U.S. college endowments would be curtailed under a plan by House Democrats, provided the schools address tuition costs.
The provision would reduce the tax through a calculation that weighs revenues from undergraduate tuition and fees against undergraduate financial aid, according to Liz Clark, a vice president at the National Association of College and University Business Officers.
The language is included in the text of a bill released late Friday by the House Ways and Means Committee, which will resume debate on its portion of President Joe Biden’s $3.5 trillion economic agenda next week.
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