House Republicans look to ease off college endowment tax proposal

Republicans’ first amendment to their tax reform bill would ease off a proposal to institute a new tax on large college endowments.

Almost six hours hours into the House Ways and Means Committee’s markup of the Tax Cuts and Jobs Act, Chairman Kevin Brady, R-Texas, offered an amendment that would limit “carried interest” for hedge funds, change the treatment of international profits and make other substantive alterations to the bill in addition to the endowment tax. The panel later passed it on a party-line vote.