An Act to support educational opportunity for all

HD 1474 requires private colleges and universities in Massachusetts with endowments exceeding $1 billion to pay an annual 2.5% tax on those endowment funds. The tax revenue will fund the new Educational Opportunity for All Trust Fund, which will subsidize higher education, early education, and child care costs for lower-income and middle-class Massachusetts residents. The fund will be administered by the Executive Office of Education under a Board of Trustees representing higher education, early education, child care, and community college sectors.