Bill Text: MA H3955 | 2009-2010 | 186th General Court | Introduced
Bill Title: The taxation of certain endowment funds in private institutions of higher learning
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 10/14 at 10:00 AM in Hearing Room B2 [H3955 Detail]
Download: Massachusetts-2009-H3955-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Paul Kujawski
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to certain endowment funds in private institutions of higher learning.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Paul Kujawski |
8th Worcester |
|
Robert S. Hargraves |
1st Middlesex |
|
Anne M. Gobi |
5th Worcester |
|
Angelo M. Scaccia |
14th Suffolk |
|
John P. Fresolo |
16th Worcester |
|
William Lantigua |
16th Essex |
|
Timothy J. Toomey, Jr. |
26th Middlesex |
|
Stephen Stat Smith |
28th Middlesex |
|
James Dwyer |
30th Middlesex |
|
James Arciero |
2nd Middlesex |
|
James M. Murphy |
4th Norfolk |
|
John F. Quinn |
9th Bristol |
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act relative to certain endowment funds in private institutions
of higher learning.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
Chapter 63 of the General Laws is hereby amended by inserting after section 38Y the following section:-
Section 38Z. Any private institution of higher learning that has an endowment fund in excess of $1,000,000,000 shall be subject to an annual excise of 2 1/2 per cent of all monies in excess of $1,000,000,000. For the purpose of this section an endowment fund shall be an institutional fund of a private institution of higher learning not wholly expendable by the institution on a current basis under the terms of the applicable gift instrument.
Notwithstanding any general or special law to the contrary, this section shall not take effect until such time as the department of revenue has furnished a study of their impact on the state’s economy and revenue cost to the commonwealth and its cities and towns, including, but not limited to, a distributional analysis showing the impact on taxpayers of varying income levels, the current practice of other states, any anticipated change in employment, and ancillary economic activity, to the clerk of the house of representatives who shall forward the same to the joint committee on revenue.
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