WASHINGTON, D.C. —Today, Congressman Troy E. Nehls (R-TX-22) introduced the Endowment Tax Fairness Act, a bill that would raise the excise tax levied on certain private university endowment profits from 1.4% to 21%.| Representative Troy Nehls
A corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax.| Tax Foundation