MA H3122

Imposes a 2.5% annual excise tax on private colleges and universities with endowments exceeding $1 billion, applied to the total aggregate endowment fund value

Creates the Educational Opportunity for All Trust Fund to receive all tax revenue, administered by the Executive Office of Education

Restricts fund use exclusively to subsidizing higher education, early education, and child care costs for lower-income and middle-class Massachusetts residents

Establishes a 7-member Board of Trustees to manage the fund, including the commissioners of higher education and early education & care, plus 5 appointed members with expertise in education, child care workforce, and community colleges

Appointed trustees serve 2-year terms with eligibility for reappointment; appointments made by the Senate President, House Speaker, and Secretary of Education