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Referenced Laws
Section 4968(a)
Section 1
1. Short title This Act may be cited as the Endowment Tax Fairness Act.
Section 2
2. Excise tax based on investment income of private colleges and universities Section 4968(a) of the Internal Revenue Code of 1986 is amended by striking 1.4 percent and inserting 21 percent. The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act. The revenue derived from the amendment made by this section shall be deposited in the general fund of the Treasury and shall be used to reduce the national deficit, to the extent thereof, and thereafter to reduce the national debt.