NAICU - Lawmakers target $1b endowments

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Lawmakers target $1b endowments

Boston Globe

May 8, 2008

Massachusetts lawmakers desperate for additional revenue have asked state finance officials to study a plan that would impose a 2.5 percent annual assessment on colleges with endowments over $1 billion, an amount now exceeded by nine Massachusetts institutions. The proposal, which higher education specialists believe is the first of its kind across the country, drew surprising support at a debate on the State House budget last week and is attracting attention in higher education circles nationally.

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