,,ii  #aaith ,,congress  #ast ,session  
,s4 #icf  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #aa          
7legislative day1 ,march #aj71 #bjbe,mr4
 ,cotton 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 apply a #f percent excise tax  
on large endowments of certain private  
colleges and universities1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,woke ,endowment    
,security ,tax ,act of #bjbe or the     
,,west ,act of #bjbe4  #b4 ,excise tax  
on certain large private college and    
university endowments  7a7 ,in general  
,subchapter ,h of chapter #db of the    
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new section3  #difi4 ,excise  
tax on certain large private college and
 university endowments  7a7 ,tax imposed
 ,there is hereby imposed on each       
specified applicable educational        

institution for the institution's first 
taxable year beginning in #bjbe a tax   
equal to #f percent of the aggregate    
fair market value of the assets of the  
institution at the end of the preceding 
taxable year4  7b7 ,specified applicable
 educational institution ,for purposes  
of this subchapter1 with respect to a   
taxable year1 the term specified        
applicable educational institution      
means-- 7#a7 any applicable educational 
institution1 other than an institution  
which is religious in nature1 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 #aa1ijj1jjj1jjj1   
and  7#b7 any applicable educational    
institution-- 7,a7 which operates a     
college on behalf of a ,state pursuant  
to ,state statute or contractual        
agreements1 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 #aj1ejj1jjj1jjj4  7c7 ,other terms
 ,for purposes of this section-- 7#a7   
,assets ,the rules of section #difh7;d7 
shall apply4  7#b7 ,student ,the rules  
of section #difh7;b77#b7 shall apply4  4
  7b7 ,clerical amendment ,the table of 
sections for subchapter ,h of chapter   
#db of the ,internal ,revenue ,code of  
#aihf is amended by adding at the end   
the following new item3  ,sec4 #difi4   
,excise tax on certain large private    
college and university endowments4  4   
7c7 ,effective date ,the amendments made
 by this section shall apply to taxable 
years beginning after ,december #ca1    
#bjbd4