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Excise Tax

A special tax placed on specific goods, services, or activities, rather than on general income or property.

Endowment

A fund of money and assets donated to an institution, like a university, where the principal is invested to generate income for the institution's ongoing operations and programs.

Listed Investments

For the purpose of this bill, these are financial interests (like stocks or debt) in foreign companies or entities that are identified on specific U.S. government lists as potential national security risks.

Specified Educational Institution

As defined in this bill, a private college or university that is not state-owned and has more than $1 billion in non-educational assets (its endowment).

Fair Market Value

The estimated price an asset would sell for in the open market, assuming both buyer and seller are willing and have reasonable knowledge of the asset.

Internal Revenue Code of 1986

The official collection of tax laws in the United States, administered by the Internal Revenue Service (IRS).

Pooled Investment

An investment fund, such as a mutual fund or exchange-traded fund (ETF), where money from many investors is combined and invested collectively in various securities.