American Workforce Act
A BILL
To establish a program of workforce development as an alternative to college for all, and for other purposes.
Sec. 2 Definitions
Sec. 3 Establishment of American Workforce Division
Sec. 4 American workforce program
Sec. 5 General provisions
Sec. 6 Evaluation reports and sunset
Sec. 7 Excise tax on certain large private college and university endowments
“4969. Excise tax on certain large private college and university endowments
“(a) Tax imposed—There is hereby imposed on each specified applicable educational institution for the taxable year a tax equal to 1 percent of the aggregate fair market value of the assets of the institution at the end of the preceding taxable year.
“(b) Specified applicable educational institution—For purposes of this subchapter, the term specified applicable educational institution means any applicable educational institution, other than an institution which is religious in nature, the aggregate fair market value of the assets of which at the end of the preceding taxable year (other than those assets which are used directly in carrying out the institution’s exempt purpose) is at least $2,500,000,000.
“(c) Other terms—For purposes of this section—
“(1) Assets—The rules of section 4968(d) shall apply.
“(2) Student—The rules of section 4968(b)(2) shall apply.”