Washington, Sept. 10 -- Congresswoman Alma S. Adams issued the following press release:
Today, Congresswoman Alma S. Adams, Ph.D. (NC-12), and Congressman Jamie Raskin (MD-08) introduced the Higher Education Oversight for Nonprofits Ensuring Standards and Transparency Act, or theHONEST Act, to establish new safeguards for IRS investigations of colleges and universities.
The bill comes as the Department of the Treasury and IRS move forward with new regulations affecting the tax-exempt status of private schools, including colleges and universities. Under the new proposal, as many as 18,000 schools could be affected, along with roughly 750,000 students who receive scholarships tied to race, ethnicity, or national origin. The rule would reach...