3 policy developments that college business officers should keep tabs on

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CHICAGO — Political developments impacting colleges have come at a breakneck pace this year. And that was before President Joe Biden announced on Sunday he wouldn’t run for reelection, upending the 2024 presidential contest.  

At a session of the National Association of College and University Business Officers’ annual meeting this week, panelists described some of the twists and turns for colleges coming from Washington D.C.

For one, college leaders are bracing for major regulatory changes, including those that govern overtime pay and how higher education institutions must investigate sexual misconduct

Then there’s the U.S. Supreme Court’s recent overturning of the Chevron doctrine — a four-decade precedent that gave agencies the power to interpret ambiguous statutes. That decision could open many of the U.S. Department of Education’s regulations to new legal challenges

Things haven’t slowed down in Congress either — House Republicans have vowed to ramp up oversight of colleges, arguing they have failed to protect their students from antisemitism in the wake of the Israel-Hamas war. 

Below, we’re rounding up three policy developments panelists highlighted Sunday during the session.

Tax legislation could be coming — but not this year

Congress is deeply divided, with Democrats narrowly holding power in the Senate and Republicans having a thin majority in the House. 

Gridlock has ensued, with the 118th Congress on course to become one of the least productive in decades. Federal lawmakers passed just 34 bills last year, a count that includes legislation to keep the government operating. 

“What this means is you’re going to hear a lot about the introduction of certain pieces of legislation,” said Liz Clark, NACUBO’s vice president of policy and research. “Members of Congress are going to talk about bills they’ve introduced and what they plan to do, but it’s important to still take a step back and remember that that is election year fodder.”

Although the ideas presented in new proposals won’t necessarily go away, it’s unlikely they will reach President Joe Biden’s desk anytime soon. Congress will adjourn in early January, and all legislation not passed will have to be reintroduced in the next session to be considered anew. 

Still, Clark noted that some lawmakers have been looking at tax laws in response to how campuses have addressed campus unrest since the Israel-Hamas war broke out. Many high-profile lawmakers have accused colleges of failing to protect students against rising antisemitism, and House Republicans have launched investigations into practices at several universities. 

Rep. Jason Smith, a Republican who chairs the House Ways and Means Committee, has even questioned the tax-exempt status of several top-ranked colleges, arguing that they’ve failed to uphold their responsibility to protect students from antisemitism. 

One recently introduced proposal would impose a one-time 6% tax on the endowments of 10 highly selective universities — including Harvard, Yale and Stanford — to in part fund Israel’s war with Hamas.

“Many of America’s so-called ‘top’ universities are failing to condemn antisemitism and violence against Jewish students on their campuses,” Sen. Tom Cotton, a Republican from Arkansas, said when introducing the proposal last December. “We should levy this tax on these schools’ endowments.”

Such legislation isn’t likely to go anywhere during an election year — or maybe ever. Still, Congress plans to work on a major tax reform bill in 2025, when Trump-era tax cuts will expire. If lawmakers extend those cuts, it would cost billions of dollars, Clark said. 

That money could partially come from the legislative proposals targeting colleges. 

“Where are they going to find coins in the couch cushions?” Clark said. “In some of these ideas, in some of the legislation that has been introduced.” “

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