On the recordDecember 1, 2017
if I could have the attention of my colleague from Pennsylvania, I would like to pose a question to him on a matter. We, as we have indicated, have been digging through the amendments. As far as I can tell, what we have is the earlier language that imposes a new excise tax on the investment income of large university endowments. That has been in the bill, so be it. Now, there seems to be a new exception on page 289. The bill says that the new tax does not apply to a university otherwise subject to the tax if it is described in the first section, which is 511(a)(2)(B), and which does not receive Federal funds. This is new, and I am trying to figure out why there is this special exemption. I can't seem to find other people who are getting it or whom it benefits. I thought perhaps my colleague from Pennsylvania could enlighten me on this. The PRESIDING OFFICER. The Senator from Pennsylvania.
