A New York congressman is drafting legislation that would require institutions of higher learning to steer a portion of their investment earnings into tuition relief as a condition of maintaining their endowments’ tax-free status, Bloomberg Business reports.
Republican Rep. Tom Reed discussed the proposal at a House Ways and Means subcommittee hearing Wednesday on university endowments, which have returned to pre-financial-crisis levels while college costs are rising faster than inflation. “We’re taking a very close look and I see some opportunity for reform that will benefit actual kids,” he said in an interview.
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