Ivory Tower Tax Act of 2021

referredUnited States· United States Congress· EN

Introduced

11 May 2021

Last action

11 May 2021 · Introduced

Status

Read twice and referred to the Committee on Finance.

Summary

Ivory Tower Tax Act of 2021 This bill imposes on each specified applicable educational institution an excise tax of 1% of the aggregate fair market value of its assets as of the end of the preceding taxable year. The bill defines specified applicable educational institution as any applicable educational institution, other than a religious institution, whose assets have an aggregate fair market of at least $2.5 billion at the end of the preceding taxable year. The bill also imposes a 30% tax on undistributed excess endowment amounts of an educational institution, unless the failure to distribute such amounts is due to an incorrect valuation of assets that was not willful and was due to reasonable cause. The bill requires the Department of the Treasury to transfer revenues generated by this bill to the Department of Labor to expand apprenticeship opportunities.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

11 May 2021
Introduced
Read twice and referred to the Committee on Finance.
Source: IntroReferral
11 May 2021
Introduced
Introduced in Senate
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · 11 May 2021 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 11 May 2021
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Introduced in Senate (PDF)
Introduced in Senate · EN · 11 May 2021
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Introduced in Senate
summary · EN · 11 May 2021
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to ← Student Loan Reform Act of 2022

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/117th-congress/senate-bill/1547
Open data entity: https://api.congress.gov/v3/bill/117/s/1547
us · 117-s-1547 · source updated 3 January 2025