SOUTH BEND, Ind. (AP) — A University of Notre Dame spokesman says the sweeping rewrite of the nation’s tax laws that Congress is poised to give final approval would cost the university up to $9 million per year.
The South Bend Tribune reports that the Republican-backed legislation calls for the university and other private colleges with at least $500,000 in endowment per student to pay a 1.4 percent annual tax on those earnings.
Public colleges and universities would be exempt from the provision included in the tax bill.
Notre Dame spokesman Paul Browne says that the provision would likely cost Notre Dame $6 million to $9 million per year. He says the university spends a portion of its annual endowment on scholarships, faculty positions and student aid.