Harvard, Yale Would Get Relief in Bipartisan Endowment Proposal
- About 30 colleges are expected to pay 1.4% excise tax
- College presidents this week asked Congress to revisit policy
Photographer: Craig Warga/Bloomberg
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Two U.S. congressmen introduced a bill Thursday to repeal an excise tax on college endowments that is expected to affect about 30 schools including Harvard, Yale and Princeton.
The bill was sponsored by John Delaney, a Democrat from Maryland, and Bradley Byrne, a Republican from Alabama. Byrne was among a group of legislators who signed a letter last year urging Congress not to include the tax in the overhaul passed in December. He’s a graduate of Duke University, one of the schools that may pay a 1.4 percent excise tax on annual investment income.