Endowment tax

Endowment tax is taxation of endowments. The city of Cambridge, Massachusetts, has proposed taxing MIT on these previously exempt, non-profit earnings. [cite web
last = He
first = Ray C.
title = Cambridge Seeks to Tax Earnings on Endowment
work = Volume 125, Number 44
publisher = The MIT Tech
date = Tuesday, October 4, 2005.
url = http://www-tech.mit.edu/V125/N44/cambsurcharge.html
format = Web
doi =
accessdate = ] A financial endowment is a transfer of money or property donated to an institution, with the stipulation that it be invested, and the principal remain intact. The total endowment can be over a billion dollars at some of the United States' richest universities. The non-profit status of some institutions like hospitals has been questioned in the United States House Ways and Means Committee [cite web
title = Ways and Means Questions Nonprofit Hospitals' Tax Status
work =
publisher = The Commonwealth Fund 1 East 75th Street, New York, NY
date =
url = http://www.cmwf.org/healthpolicyweek/healthpolicyweek_show.htm?doc_id=278529
format = Web
doi =
accessdate = 2007-01-22 ] [cite paper
author = Jill Horwitz
title = Testimony Before House Ways and Means Committee
version =
publisher =
date = 2005-05-26
url = http://www.sph.umich.edu/cleh/papers/horwitz.pdf
format = PDF
accessdate = ]

ee also

* List of U.S. colleges and universities by endowment
* Internal Revenue Service (US tax collection agency)
* PILOT Payment in Lieu of Taxes

References