The Internal Revenue Service released proposed rules on a new tax on net investment earnings of some wealthy colleges such as Harvard University.
The 1.4% tax was created in the 2017 tax law and is aimed at schools that have net assets of at least $500,000 per student and more than 500 tuition-paying students.
- Schools have pushed back against the tax since it was proposed.
- The White House’s Office of Management and Budget concluded its review of the rules package on June 24.
- Related: Colleges Get Tax Reprieve in Push to Value Endowment Assets.
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