‘I just want to make sure I’m not in a different universe’
DES MOINES — As a bill to tax college and university endowments advanced out of subcommittee Thursday, its sponsor Rep. Taylor Collins announced a coming amendment that will up the taxable endowments from those topping $250 million to those over $500 million.
House Study Bill 544 — as originally written — would have imposed a 15 percent tax on college and university endowments in Iowa over $250 million, but the amendment not only increases the taxable endowment value to over $500 million, but pares down the tax rate to “whatever the corporate tax rate in Iowa is,” Collins, R-Mediapolis, said Thursday…