,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #icca  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #i1 #bjbd,mr4  
,joyce ( ,ohio 7= himself & ,ms4        
,malliotakis7 introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to modify ! excise
 tax on inve/m5t income ( private       
colleges & univ]sities4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,high]       
,education ,acc\ntability ,tax ,act4    
#b4 ,modification ( excise tax on       
inve/m5t income ( private colleges &    
univ]sities  7a7 ,increase 9 rate ( tax 
,section #difh7;a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ #a4d    
p]c5t & ins]t+ #aj p]c5t4  7b7          
,additional increase 9 rate ( tax =     
in/itutions ) increases 9 net price     
7#a7 ,9 g5]al ,section #difh7;a7 ( su*  
,code1 z am5d$ by subsection 7a71 is    
am5d$ by ins]t+ 7#bj p]c5t 9 ! case ( a 
net-price-increase in/itution7 aft] #aj 
p]c5t4  7#b7 ,net-price-increase        

in/itution ,section #difh7;b7 ( su*     
,code is am5d$ by r$esignat+ p>agraph   
7#b7 z p>agraph 7#c7 & by ins]t+ aft]   
p>agraph 7#a7 ! foll[+ new p>agraph3    
7#b7 ,net-price-increase in/itution ,!  
t]m net-price-increase in/itution means 
any applicable educational in/itution = 
any taxable ye> if1 dur+ !              
#c-taxable-ye> p]iod end+ ) ! taxable   
ye> imm$iately prec$+ su* taxable ye>1 !
 net price ( su* in/itution increas$ at 
a rate :i* exce$s ! rate ( increase 9 ! 
,consum] ,price ,index 7z def9$ 9       
section #a7;f77#e77 = su* p]iod4 ,=     
purposes ( ! prec$+ s5t5ce1 ! t]m net   
price has ! mean+ giv5 su* t]m by       
section #acb7;a77#c7 ( ! ,high]         
,education ,act ( #aihf 7#bj ,u4,s4,c4  
#ajae;a7a77#c77 except t su* price %all 
be det]m9$ by tak+ into acc\nt all      
fir/-"t1 full-"t und]graduate /ud5ts at 
! in/itution 79 addition to su* /ud5ts  
:o receive /ud5t aid74  4  7c7          
,expansion ( in/itutions subject to tax 
,section #difh7;b77#a77;,d7 ( su* ,code 

is am5d$ by /rik+ #ejj1jjj & ins]t+     
#bej1jjj4  7d7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjbd4