S 3465
WEST Act of 2023
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the WEST Act of 2023, proposes a new tax on large private colleges and universities with substantial endowments. Specifically, it would impose a 6% excise tax on institutions holding endowments of at least $12.2 billion, and those also operating a college under contract with a state. The tax would be calculated based on the fair market value of the institution’s assets at the end of the prior tax year. The goal of this legislation is to target wealthy educational institutions with significant financial reserves.
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