May 8, 2008
Massachusetts Legislature Considers Plan To Tax Well-Endowed Colleges
The Boston Globe reports today that the Massachusetts Legislature has asked state finance officials to study a plan that would impose a 2.5% annual assessment on colleges with endowments over $1 billion, an amount now exceeded by nine Massachusetts institutions. Not surprisingly, the plan is generating a great deal of controversy. If adopted, it would raise significant implications for the sanctity of the tax-exempt status of non-profits.
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