SOUTH BEND, Ind. (AP) - A University of Notre Dame spokesman says the sweeping rewrite of the nation's tax laws that Congress is poised to give final approval would cost the university up to $9 million per year.
The South Bend Tribune reports that the Republican-backed legislation calls for the university and other private colleges with at least $500,000 in endowment per student to pay a 1.4 percent annual tax on those earnings.
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Public colleges and universities would be exempt from the provision included in the tax bill.
Notre Dame spokesman Paul Browne says that the provision would likely cost Notre Dame $6 million to $9 million per year. He says the university spends a portion of its annual endowment on scholarships, faculty positions and student aid.
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