The tax, which will balloon to 8%, will be an ‘ongoing expense of approximately $300 million per year,’ according to the university’s provost.
The 2.5% excise tax would target private institutions in the state with endowments of at least $1 billion.
NACUBO welcomes rule changes but still opposes tax, which it says diminishes resources for students.
Universities have called for the removal of the 1.4% excise tax, which they say hurts financial aid.
Higher education foundations finally get guidance on 2017 excise tax.
Clarification of 1.4% excise tax could reduce amount paid by universities.
Dean says university will refrain from making long-term commitments due to 1.4% excise tax.