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Budget bill exempts Berea College from costly endowment tax - LEX18.com | Continuous News and StormTracker Weather

Budget bill exempts Berea College from costly endowment tax

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FRANKFORT, Ky. (AP) - The bill U.S. lawmakers passed to keep the government open also included some good news for Kentucky's Berea College by exempting them from a tax on their endowment.

The small school in Appalachia does not charge tuition and only accepts students who cannot afford to pay. The school relies mostly on its $1 billion endowment. But the Republican tax plan that passed last year included a tax on the school's endowment that would have cost it $1 million a year.

Republicans blamed Democrats for the tax, pointing out they refused to allow an amendment at the time that would have exempted the school. Democrats blamed Republicans for rushing through a bill that did not adhere to the Senate's rules.

Sen. Mitch McConnell said he insisted the exemption be part of the budget bill.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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