On November 2, the much discussed tax reform legislation, H.R. 1, The Tax Cuts and Jobs Act, was released and the Congress officially began the process of bringing these ideas into law.
Though colleges and universities are not the only thing impacted by tax reform, campus recreation professionals, along with their campus peers, should be aware of how the proposed changes could impact higher education.
The National Association of College and University Business Officers (NACUBO) has commented that “Many provisions in this legislation would result only in making colleges and universities less financially secure and driving up costs rather than boosting affordability.”
Additionally, NACUBO has noted their concern that higher education would be “uniquely and adversely impacted by the wide-ranging scope” of proposed tax changes. Provisions in the proposed changes could alter how students and families pay for college and make the ways colleges operate costlier.
Also, particularly pertinent to campus recreation, House bill H.R. 1 proposes to eliminate access to the municipal bond market for private colleges and universities. The interest rate on municipal bond, which is significantly lower than on taxable bonds, creates significant savings on large-scale construction projects, such as recreation centers. Some institutions rely heavily on these funds to build.
All the above are good reasons to stay informed, follow the legislative process closely, and, if so compelled, to make your voice heard to your congressional representatives.
NACUBO offers webinar on November 9
To help keep higher education professionals informed on just how the tax reform might impact them, NACUBO is offering a webinar on Thursday, November 9 at 3:00 pm ET. You can register now on their site.
The program notes that after attending you’ll be able to:
- Understand measures in the House tax reform bill
- Recognize the implications for institutions of higher education
- Identify provisions that impact students, families, and employees
- Determine how to reach out to your representatives in Congress to communicate your concerns
The webinar is free for NACUBO members. Since NACUBO membership is institutionally based, contact your institution’s business officer to find out more.
- For more information about higher education policy, contact NIRSA Director for Advocacy & Strategic Partnerships, Erin O’Sullivan.