MA S2013

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

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

Fund expenditures restricted 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 oversee the fund, including commissioners from higher education and early education departments, plus 5 appointed members with expertise in education and child care

Appointed trustees serve 2-year terms with eligibility for reappointment; the board elects its own chair