,,ii  #aahth ,,congress  #ast ,session  
,s4 #cead  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ad1 
#bjbc,mr4 ,vance introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to increase the 
excise tax on net investment income of  
certain private colleges and            
universities4  #a4 ,increase in excise  
tax on net investment income  7a7 ,in   
general ,section #difh of the ,internal 
,revenue ,code of #aihf is amended by   
adding at the end the following new     
subsection3  7e7 ,increase in tax in    
case of certain institutions ,in the    
case of an applicable educational       
institution-- 7#a7 which is not         
religious in nature1 and  7#b7 the      
aggregate fair market value of the      
assets of which at the end of the       
preceding taxable year 7other than those
 assets which are used directly in      
carrying out the institution's exempt   

purpose7 is at least #aj1jjj1jjj1jjj1   
subsection 7a7 shall be applied by      
substituting #ce percent for #a4d       
percent4  4  7b7 ,effective date ,the   
amendment made by this section shall    
apply to taxable years beginning after  
,december #ca1 #bjbc4