Massachusetts 2023-2024 Regular Session

Massachusetts Senate Bill S1834 Compare Versions

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

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 403 FILED ON: 1/13/2023
3	3	SENATE . . . . . . . . . . . . . . No. 1834
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Adam Gomez
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 :Adam GomezHampdenManny Cruz7th Essex1/25/2023Susannah M. Whipps2nd Franklin1/25/2023Jack Patrick Lewis7th Middlesex1/27/2023Vanna Howard17th Middlesex2/9/2023James B. EldridgeMiddlesex and Worcester2/21/2023 1 of 3
16	16	SENATE DOCKET, NO. 403 FILED ON: 1/13/2023
17	17	SENATE . . . . . . . . . . . . . . No. 1834
18	18	By Mr. Gomez, a petition (accompanied by bill, Senate, No. 1834) of Adam Gomez, Manny
19	19	Cruz, Susannah M. Whipps, Jack Patrick Lewis and other members of the General Court for
20	20	legislation to support educational opportunity for all. Revenue.
21	21	[SIMILAR MATTER FILED IN PREVIOUS SESSION
22	22	SEE SENATE, NO. 836 OF 2021-2022.]
23	23	The Commonwealth of Massachusetts
24	24	_______________
25	25	In the One Hundred and Ninety-Third General Court
26	26	(2023-2024)
27	27	_______________
28	28	An Act to support educational opportunity for all.
29	29	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
30	30	of the same, as follows:
31	31	1 SECTION 1. Chapter 63 of the General Laws, as appearing in the 2020 Official Edition,
32	32	2is hereby amended by inserting after section 38HH the following section:
33	33	3 Section 38II. (a) Any private institution of higher learning that has an endowment fund
34	34	4with aggregate funds in excess of $1,000,000,000 shall be subject to an annual excise of 2.5 per
35	35	5cent of all monies in aggregate in said endowment fund. For the purposes of this section an
36	36	6endowment fund shall be an institutional fund, which may consist of multiple funds, of a private
37	37	7institution of higher learning not wholly expendable by the institution on a current basis under
38	38	8the terms of the applicable gift instrument. All monies collected from this annual excise shall be
39	39	9deposited in the Educational Opportunity for All Trust Fund as established by subsection (b) of
40	40	10this section. 2 of 3
41	41	11 (b) There is hereby established and set up on the books of the commonwealth a separate
42	42	12fund to be known as the Educational Opportunity for All Trust Fund, hereinafter called the fund.
43	43	13The fund shall be administered by the executive office of education, as directed by the
44	44	14Educational Opportunity for All Trust Fund Board of Trustees established in subsection (c) of
45	45	15this act, and in consultation with the department of higher education and the department of early
46	46	16education and care. The fund shall be used exclusively for the purposes of subsidizing the cost of
47	47	17higher education, early education and child care for lower-income and middle-class residents of
48	48	18the commonwealth. No expenditure from the fund shall cause the fund to be in deficiency at the
49	49	19close of a fiscal year. Any funds not expended by said Board of Trustees at the end of each fiscal
50	50	20year shall remain in such fund and shall not revert to the General Fund.
51	51	21 (c) The Educational Opportunity for All Trust Fund shall be managed by a board to be
52	52	22known as the Educational Opportunity for All Trust Fund Board of Trustees, hereby established,
53	53	23which shall have general supervision of the trust and shall direct all expenditures from the fund.
54	54	24The full duties and obligations of the board shall be set forth in a declaration of trust to be
55	55	25adopted by the board. The board of trustees shall consist of 7 trustees, including the
56	56	26commissioner of the department of higher education or a designee, the commissioner of the
57	57	27department of early education & care or a designee, and 5 additional trustees, 1 of whom shall
58	58	28have demonstrated expertise in higher education appointed by the President of the Senate, 1 of
59	59	29whom shall have demonstrated expertise in early education and child care appointed by the
60	60	30Speaker of the House, 1 of whom shall have demonstrated expertise in representing the child
61	61	31care workforce as a leader in a labor organization appointed by the President of the Senate, 1 of
62	62	32whom shall be an employee of a Massachusetts community college as defined in section 10 of
63	63	33Chapter 15A appointed by the Speaker of the House, and 1 of whom shall be an employee of a 3 of 3
64	64	34private institution of higher learning subject to the annual excise tax established in subsection (a)
65	65	35of this section appointed by the secretary of education. The appointed trustees shall serve for
66	66	36terms of two years. Trustees shall be eligible for reappointment. The members of the board shall
67	67	37elect 1 of the trustees to serve as the chair.