Legislative Proposals Update
Dear Campus Community:
I have received a number of requests for an update on our opposition to recent legislative proposals for tax cuts that could potentially impact institutions of higher education. The most recent version of the legislation being considered in the Senate has two important modifications. The proposed tax on tuition waivers for graduate students has been eliminated. Additionally, the proposed tax on endowments has been modified to a proposed 1.4% tax on investment earnings on endowments at private colleges and universities that enroll at least 500 students and have assets of $250,000 per full-time student. This would not impact the University of Memphis. Regardless though, it is still a proposal the University of Memphis is opposing and actively lobbying against.
These are the only two significant updates to report. Both are positive for the University of Memphis. I will continue to provide updates as new information emerges.
M. David Rudd
President | Distinguished University Professor