Harvard Faces New Threat of State Tax on $51 Billion Endowment

Harvard University is bracing for two bills in its home state of Massachusetts this year that would target the school’s massive $51 billion endowment and policy of admitting legacy applicants.

One would hit Harvard and 10 other private colleges that have more than $1 billion in assets, including the Massachusetts Institute of Technology and Williams College, with an annual 2.5% excise tax to fund state universities.