Establishes an annual excise tax on private institutions of higher learning with endowment funds over $1 billion to support educational opportunities.
This bill creates an annual excise tax of 2.5% on endowment funds of private institutions of higher learning with assets over $1 billion. The revenue generated will be deposited into the Educational Opportunity for All Trust Fund, which will be used to subsidize 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 relevant state departments and experts in education and child care.
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