State considers taxing colleges

A 2.5% tax on college endowments larger that $1 billion is being studied at the State House. This would bring $1.4 billion a year to the state, an increase of 5% for the state's current $28 billion budget.

Harvard would be taxed $840 million on its $34 billion dollar endowment, a huge increase from the $1.8 million it currently pays Boston through the PILOT (Payment In Lieu Of Taxes) program. Boston College would pay $17 million, compared with its $260,000 PILOT payment.

Bill would tax rich colleges' endowments - The Boston Globe
"Some of these institutions give very little back to their communities. With such large endowments, they should be doing more." - Senate President Therese Murray

"The pileup of wealth doesn't match their mission of serving the public good," said Wick Sloane, who teaches at Bunker Hill Community College. "These schools have generated huge cash flows but are not doing their civic duty."

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