As ordered reported by the House Committee on Ways and Means on July 9, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
0
0
Revenues
0
84
273
Increase or Decrease (-) in the Deficit
0
-84
-273
Spending Subject to Appropriation (Outlays)
0
*
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
No
Contains intergovernmental mandate?
No
Contains private-sector mandate?
No
* = between zero and $500,000.
Summary
H.R. 8913 would change the definition of “student” for purposes of determining whether a postsecondary institution is subject to the excise tax that applies to net investment income earned on endowment assets. Under current law, that tax applies to institutions with endowment assets of $500,000 or more per student. The number of students is the daily average number of full-time students, with part-time students considered on a full-time-equivalent basis. H.R. 8913 would specify that the accounting include only those students who are U.S. citizens, permanent residents, or able to provide evidence of being in the country with the intention of becoming a citizen or permanent resident.
