Update: The endowment provision is included in the tax bill, using a threshold of $500,000 endowment dollars/per student.
Congressional aides told The Maroon Thursday that they have not received information on the status of the endowment tax in the final Republican tax plan.
Though some details of the plan have been emerging through media reports this week, including confirmation that the graduate student tuition waiver tax is not part of the plan, there has not been information on the final status of a provision that would tax net investment income on university endowments at wealthy private universities.
Communications director for Representative Bonnie Coleman (D-NJ) wrote in an e-mail to The Maroon, “We haven't seen anything on whether the university endowment tax will be in the final package.”
Communications director for Representative Pete Sessions (R-TX) said, “Endowment is still up in the air.”
There were significant differences between the House and Senate bills affecting higher education that needed to be reconciled in the final tax plan. The House bill would have taxed universities with endowments of at least $250,000 per student, while the Senate used a threshold of $500,000. UChicago would be affected at the $250,000 level, but it would appear to be just at the cusp if the $500,000 threshold were to become law.
Several other congressmen who opposed this provision in a letter Wednesday did not return requests for comment.
The Washington Post reported yesterday that members of Congress were still determined to include the endowment tax, though aides said the threshold was uncertain.