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![handle is hein.congrecreports/crptxahbk0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
118TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 118-949
PROTECTING AMERICAN STUDENTS ACT
DECEMBER 24, 2024.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. SMITH of Missouri, from the Committee on Ways and Means,
submitted the following
REPORT
together with
DISSENTING VIEWS
[To accompany H.R. 8913]
[Including cost estimate of the Congressional Budget Office]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 8913) to amend the Internal Revenue Code of 1986 to ex-
clude certain students from the calculation to determine if certain
private colleges and universities are subject to the excise tax on net
investment income, and for other purposes, having considered the
same, reports favorably thereon with an amendment and rec-
ommends that the bill as amended do pass.
CONTENTS
Page
I. SUMMARY AND BACKGROUND ............................................................... 2
A. Purpose and Sum m ary ..................................................................... 2
B. Background and Need for Legislation .................... 3
C. Legislative H istory ........................................................................... . 3
D . Designated H earing .......................................................................... 4
II. EXPLANATION OF THE BILL .................................................................. 4
A. Certain Students Not Taken into Account for Purposes of Cal-
culation to Determine if Certain Private Colleges and Univer-
sities are Subject to Excise Tax on Net Investment Income;
Requirement to Report Certain Information with Respect to
Application of Excise Tax Based on Investment Income of Pri-
vate Colleges and Universities (secs. 2 and 3 of the bill and
secs. 4968 and 6033 of the Code) .................................................. 4
III. VOTE OF THE COM M ITTEE ...................................................................... 7
IV. BUDGET EFFECTS OF THE BILL ............................................................ 7
A. Committee Estimate of Budgetary Effects .................. 7
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