IB
Union Calendar No. 798
118th CONGRESS
2d Session
H. R. 8913
[Report No. 118–949]
IN THE HOUSE OF REPRESENTATIVES
July 2, 2024
Mr. Ferguson (for himself, Mr. Kelly of Pennsylvania, Mrs. Miller of West Virginia, Mr. Murphy, Mr. Kustoff, Ms. Tenney, Mr. Moore of Utah, Ms. Malliotakis, and Ms. Stefanik) introduced the following bill; which was referred to the Committee on Ways and Means
December 24, 2024
Additional sponsor: Mr. Smith of Nebraska
December 24, 2024
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Strike out all after the enacting clause and insert the part printed in italic
For text of introduced bill, see copy of bill as introduced on July 2, 2024
A BILL
To amend the Internal Revenue Code of 1986 to exclude certain students from the calculation to determine if certain private colleges and universities are subject to the excise tax on net investment income, and for other purposes.
Short title
This Act may be cited as the Protecting American Students Act
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Certain students not taken into account for purposes of calculation to determine if certain private colleges and universities are subject to excise tax on net investment income
In general
Section 4968(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
Certain students not taken into account in determining endowment threshold
For purposes of paragraph (1)(D), a student shall not be taken into account with respect to an eligible educational institution unless such student meets the student eligibility requirements under section 484(a)(5) of the Higher Education Act of 1965 (20 U.S.C. 1091(a)(5)).
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Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
Requirement to report certain information with respect to application of excise tax based on investment income of private colleges and universities
In general
Section 6033 of the Internal Revenue Code of 1986 is amended by redesignating subsection (o) as subsection (p) and by inserting after subsection (n) the following new subsection:
Requirement to report certain information with respect to excise tax based on investment income of private colleges and universities
Each applicable educational institution described in section 4968(b) which is subject to the requirements of subsection (a) shall include on the return required under subsection (a)—
the number of students taken into account for purposes of the calculation in paragraph (1)(D) of section 4968(b) (determined before the application of paragraph (3) of such section), and
the number of students taken into account for purposes of the calculation in paragraph (1)(D) of section 4968(b) (determined after the application of paragraph (3) of such section).
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Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
December 24, 2024
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed