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TUITION REMISSION WOULD BE TAXED!


WRITE YOUR MEMBERS OF CONGRESS ASAP! THE HOUSE TAX BILL WOULD TREAT TUITION REMISSION (WAIVERS) AS TAXABLE INCOME. OTHER PROVISIONS IN THE TAX BILL WOULD REDUCE DONATIONS TO COLLEGES AND UNIVERSITIES AND TAX ENDOWMENTS.

 

URGENT! THIS BILL IS MOVING FAST. PLEASE WRITE TODAY. ASK YOUR FAMILY MEMBERS, LAB MEMBERS, FRIENDS, COLLEAGUES TO WRITE.

 

Update 11/12 - the bill goes to the full House for a vote next week (exact date unknown). The full text of the Senate tax plan has been released. The repeal of the exclusion of tuition remission is NOT in the Senate bill! That increases the chances of having this provision removed when the two bills are reconciled. However, the provision for excise tax on university endowment investment income IS in the Senate bill (also subject to the 250k/student threshold). Further, the repeal of the deduction for student loan interest remains.

This news and analysis are provided by the Ornithological Council, a consortium supported by 11 ornithological societies. Join or renew your membership in your ornithological society if you value the services these societies provide to you, including Ornithology Exchange and the Ornithological Council!

 

If the tax bill were to pass unchanged, roughly 145,000 graduate students could be responsible for suddenly paying taxes on the thousands of dollars in waivers that cover their tuition.

 

https://www.theverge...iver-reductions

 

https://www.forbes.c...n/#3fda66ac3d2f

 

In addition, the Republican tax plan now under consideration eliminates the tax-free status of employer tuition reimbursements, up to $5,250 a year.

 

Higher education groups are already voicing opposition to this and other features of the bill that would increase the cost of higher education.

 

It also proposes taxing some private college endowments, which would discourage contributions to those endowments. Republicans proposed a 1.4-percent tax on the endowments of private colleges that enroll more than 500 students and that have nest eggs of more than $100,000 per student. The proposal would generate an estimated $3 billion over 10 years.'

 

[Update 11/8: In the markup, the committee changed this to institutions with assets of $250,000 per enrolled student or more, vs. the $100,000 threshold in the initial bill].

 

Is your college/university on the list? https://www.colleger...wmentPerStudent

 

And, as fewer people would itemize their deductions under this bill, it would likely the lead to a steep decline in donations to colleges.

 

More info: https://www.insidehi...n-waivers-would

 

Update 11/9: A strong argument from conservative George Will: https://www.washingt...m=.086e2ed58af4

 

WRITE YOUR CONGRESSMAN: https://www.house.gov/representatives/

 

WRITE YOUR SENATOR: https://www.senate.g...nators/contact/




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