New GOP bill seeks to hold private universities to same tax standard as corporations: 'On notice'

EXCLUSIVE: A GOP lawmaker is seeking to significantly raise taxes on endowment profits being banked by private universities to align their levy with the current corporate tax rate.

Many private universities have invested funds for operational use that acquire interest each year, known as an endowment. In 2017, the Trump-era Tax Cuts and Jobs Act enacted a 1.4% tax on the interest private universities were receiving from these endowments. 

However, a new Republican bill would raise...