Thirty three private colleges and universities paid $68,088,096 in excise tax on the net investment income reported on tax returns filed during calendar year 2021, according to information recently released by the Internal Revenue Service . This was the first year of substantial payments under the new 1.4% tax imposed on the income of private college and university endowments in the 2017 tax bill. ( See Nonprofit Issues ® , Vol. XXVIII, No. 1 ). The tax was estimated to apply to only about 40 institutions at the time it was passed. The number of returns previously reporting tax and amounts paid were so small that they were lumped together with summaries of several other taxes on private...