The bill would require the Secretary of Education to audit at least 30 institutions every two years to check whether they reported foreign gifts and contracts as required. Audits would focus on institutions such as those with large endowments, past reporting problems, or certain foreign ties. Audit results would be sent to Congress and posted publicly.
The bill would also create two taxes. Certain educational institutions would owe a tax equal to 300% of income received from a foreign country of concern. An institution found by an audit to have failed to report required foreign funding would owe a tax equal to 110% of that funding. The second tax would be added to the first when both apply.
The bill sets audit and tax rules for educational institutions. It does not specify direct effects on students or families.
Institutions covered by the tax provisions could owe the taxes described above. No publicly available information is provided about the costs of conducting the audits.
No publicly available information.
No publicly available information.