(The Center Square) – Massachusetts could soon reach into Harvard University’s $50 billion endowment and take over $1 billion in taxes if two legislators get their way.

The legislation proposed by Reps. Natalie Higgins, D-Leominster, and Christine Barber, D-Somerville, would impose a 2.5% excise tax on all private higher education institutions with over $1 billion in endowments.