,,ii  #aai? ,,congress  #a/ ,session    
,s4 #icf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #aa 7legislative  
day1 ,m>* #aj71 #bjbe,mr4 ,cotton       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to apply a #f     
p]c5t excise tax on l>ge end[m5ts (     
c]ta9 private colleges & univ]sities1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,woke ,end[m5t     
,security ,tax ,act ( #bjbe or ! ,,we/  
,act ( #bjbe4  #b4 ,excise tax on c]ta9 
l>ge private college & univ]sity        
end[m5ts  7a7 ,9 g5]al ,sub*apt] ,h (   
*apt] #db ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #difi4 ,excise tax on    
c]ta9 l>ge private college & univ]sity  
end[m5ts  7a7 ,tax impos$ ,!re is h]eby 
impos$ on ea* specifi$ applicable       
educational in/itution = ! in/itution's 
fir/ taxable ye> beg9n+ 9 #bjbe a tax   
equal to #f p]c5t ( ! aggregate fair    

m>ket value ( ! assets ( ! in/itution at
 ! end ( ! prec$+ taxable ye>4  7b7     
,specifi$ applicable educational        
in/itution ,= purposes ( ?is sub*apt]1 )
 respect to a taxable ye>1 ! t]m        
specifi$ applicable educational         
in/itution means-- 7#a7 any applicable  
educational in/itution1 o!r ?an an      
in/itution :i* is religi\s 9 nature1 !  
aggregate fair m>ket value ( ! assets ( 
:i* at ! end ( ! prec$+ taxable ye> 7o!r
 ?an ^? assets :i* are us$ directly 9   
c>ry+ out ! in/itution's exempt purpose7
 is at lea/ #aa1ijj1jjj1jjj1 &  7#b7 any
 applicable educational in/itution--    
7,a7 :i* op]ates a college on behalf ( a
 ,/ate pursuant to ,/ate /atute or      
contractual agreem5ts1 &  7,b7 !        
aggregate fair m>ket value ( ! assets ( 
:i* at ! end ( ! prec$+ taxable ye> 7o!r
 ?an ^? assets :i* are us$ directly 9   
c>ry+ out ! in/itution's exempt purpose7
 is at lea/ #aj1ejj1jjj1jjj4  7c7 ,o!r  
t]ms ,= purposes ( ?is section-- 7#a7   
,assets ,! rules ( section #difh7;d7    

%all apply4  7#b7 ,/ud5t ,! rules (     
section #difh7;b77#b7 %all apply4  4    
7b7 ,cl]ical am5dm5t ,! table ( sections
 = sub*apt] ,h ( *apt] #db ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#difi4 ,excise tax on c]ta9 l>ge private
 college & univ]sity end[m5ts4  4  7c7  
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbd4