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The Worcester City Council voted unanimously on April 15 to put a non-binding question on the November ballot, asking if the city’s private colleges and universities should be required to invest 0.5% of their endowments into a community impact fund. As of the second quarter of 2024, Worcester Polytechnic Institute, Clark University, College of the Holy Cross, and Assumption University had combined endowments of $2.23 billion. The presidents of five high-profile Worcester universities pushed back, saying this tax is short-sighted and ill-timed as they battle the federal government's funding cuts. The presidents also said the tax would have to apply to all nonprofits with endowments, not just institutes of higher education.

Regardless of the outcome of the November vote, the City of Worcester doesn't have the authority to tax college endowments. For the City to actually implement the tax, the state Legislature would need to pass a new law.

Should the City of Worcester tax the endowments of colleges and universities?
Poll Description

The Worcester City Council voted unanimously on April 15 to put a non-binding question on the November ballot, asking if the city’s private colleges and universities should be required to invest 0.5% of their endowments into a community impact fund. As of the second quarter of 2024, Worcester Polytechnic Institute, Clark University, College of the Holy Cross, and Assumption University had combined endowments of $2.23 billion. The presidents of five high-profile Worcester universities pushed back, saying this tax is short-sighted and ill-timed as they battle the federal government's funding cuts. The presidents also said the tax would have to apply to all nonprofits with endowments, not just institutes of higher education.

Regardless of the outcome of the November vote, the City of Worcester doesn't have the authority to tax college endowments. For the City to actually implement the tax, the state Legislature would need to pass a new law.

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