Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H2824 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 2
2	2	HOUSE DOCKET, NO. 735 FILED ON: 1/17/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 2824
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Natalie M. Higgins and Christine P. Barber
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act to support educational opportunity for all.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Natalie M. Higgins4th Worcester1/17/2023Christine P. Barber34th Middlesex1/17/2023Mindy Domb3rd Hampshire1/23/2023Lindsay N. Sabadosa1st Hampshire1/24/2023Manny Cruz7th Essex1/24/2023Samantha Montaño15th Suffolk1/24/2023Susannah M. Whipps2nd Franklin1/24/2023Kenneth I. Gordon21st Middlesex1/24/2023Patricia A. Duffy5th Hampden1/24/2023Tram T. Nguyen18th Essex1/25/2023Brian W. Murray10th Worcester1/25/2023Jack Patrick Lewis7th Middlesex1/26/2023Margaret R. Scarsdale1st Middlesex1/26/2023James K. Hawkins2nd Bristol1/27/2023David Henry Argosky LeBoeuf17th Worcester1/31/2023Ryan M. Hamilton15th Essex1/31/2023Vanna Howard17th Middlesex2/3/2023Carol A. Doherty3rd Bristol2/3/2023 2 of 2
16	16	Mary S. Keefe15th Worcester2/8/2023Tricia Farley-Bouvier2nd Berkshire2/8/2023James B. EldridgeMiddlesex and Worcester2/21/2023Erika Uyterhoeven27th Middlesex2/23/2023 1 of 3
17	17	HOUSE DOCKET, NO. 735 FILED ON: 1/17/2023
18	18	HOUSE . . . . . . . . . . . . . . . No. 2824
19	19	By Representatives Higgins of Leominster and Barber of Somerville, a petition (accompanied by
20	20	bill, House, No. 2824) of Natalie M. Higgins, Christine P. Barber and others relative to the
21	21	imposition of an annual excise tax upon certain private institutions of higher learning. Revenue.
22	22	[SIMILAR MATTER FILED IN PREVIOUS SESSION
23	23	SEE HOUSE, NO. 2931 OF 2021-2022.]
24	24	The Commonwealth of Massachusetts
25	25	_______________
26	26	In the One Hundred and Ninety-Third General Court
27	27	(2023-2024)
28	28	_______________
29	29	An Act to support educational opportunity for all.
30	30	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
31	31	of the same, as follows:
32	32	1 SECTION 1.Chapter 63 of the General Laws, as appearing in the 2012 Official Edition,
33	33	2is hereby amended by inserting after section 38FF the following section:
34	34	3 SECTION 38GG. (a) Any private institution of higher learning that has an endowment
35	35	4fund with aggregate funds in excess of $1,000,000,000 shall be subject to an annual excise of 2.5
36	36	5per cent of all monies in aggregate in said endowment fund. For the purposes of this section an
37	37	6endowment fund shall be an institutional fund, which may consist of multiple funds, of a private
38	38	7institution of higher learning not wholly expendable by the institution on a current basis under
39	39	8the terms of the applicable gift instrument. All monies collected from this annual excise shall be
40	40	9deposited in the Educational Opportunity for All Trust Fund established by subsection (b) of this
41	41	10section. 2 of 3
42	42	11 (b) There is hereby established and set up on the books of the commonwealth a separate
43	43	12fund to be known as the Educational Opportunity for All Trust Fund, hereinafter called the fund.
44	44	13The fund shall be administered by the executive office of education, as directed by the
45	45	14Educational Opportunity for All Trust Fund Board of Trustees established in subsection (c), and
46	46	15in consultation with the department of higher education and the department of early education
47	47	16and care. The fund shall be used exclusively for the purposes of subsidizing the cost of higher
48	48	17education, early education and child care for lower-income and middle-class residents of the
49	49	18commonwealth. No expenditure from the fund shall cause the fund to be in deficiency at the
50	50	19close of a fiscal year.
51	51	20 (c) The Educational Opportunity Trust Fund shall be managed by a board to be known as
52	52	21the Educational Opportunity for All Trust Fund Board of Trustees, hereby established, which
53	53	22shall have general supervision of the trust and shall direct all expenditures from the fund. The
54	54	23full duties and obligations of the board shall be set forth in a declaration of trust to be adopted by
55	55	24the board. The board of trustees shall consist of 7 trustees, including the commissioner of the
56	56	25department of higher education or a designee, the commissioner of the department of early
57	57	26education & care or a designee, and 5 additional trustees, 1 of whom shall have demonstrated
58	58	27expertise in higher education appointed by the President of the Senate, 1 of whom shall have
59	59	28demonstrated expertise in early education and child care appointed by the Speaker of the House,
60	60	291 of whom shall have demonstrated expertise in representing the child care workforce as a leader
61	61	30in a labor organization appointed by the President of the Senate, 1 of whom shall be an employee
62	62	31of a Massachusetts community college as defined in section 10 of Chapter 15A appointed by the
63	63	32Speaker of the House, and 1 of whom shall be an employee of a private institution of higher
64	64	33learning subject to 3 of 3
65	65	34 the annual excise tax established in subsection (a) of this section appointed by the
66	66	35secretary of education. The appointed trustees shall serve for terms of two years. Trustees shall
67	67	36be eligible for reappointment. The members of the board shall elect 1 of the trustees to serve as
68	68	37the chair.