Notre Dame will pay millions in new endowment tax

NOW: Notre Dame will pay millions in new endowment tax

SOUTH BEND, Ind. -- Notre Dame is the only university in the Hoosier state to be affected by an endowment tax included in the new tax plan passed Wednesday. 

The university's Vice President of Public Affairs and Communications Paul Browne says the new tax could cost up to $9 million. 

Fewer than 30 universities are included in the speculations of the tax. Only private universities with an endowment fund of more than $500,000 per student are affected. Institutions with fewer than 500 students are also exempt. 

"On one hand it’s a list of prestigious universities who have excelled in their contributions to the university and how they’ve been invested. But it is a little unfair to have any kind of a tax law apply so narrowly. You wouldn’t think of the income tax applying to 27 people,” said Browne.

He said the university plans to renew and redouble efforts to raise donations so that it can still offer all scholarships. 

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