Ivory Tower Tax Act of 2021 This bill imposes on each specified applicable educational institution an excise tax of 1% of the aggregate fair market value of its assets as of the end of the preceding taxable year. The bill defines specified applicable educational institution as any applicable educational institution, other than a religious institution, whose assets have an aggregate fair market of at least $2.5 billion at the end of the preceding taxable year. The bill also imposes a 30% tax on undistributed excess endowment amounts of an educational institution, unless the failure to distribute such amounts is due to an incorrect valuation of assets that was not willful and was due to reasonable cause. The bill requires the Department of the Treasury to transfer revenues generated by this bill to the Department of Labor to expand apprenticeship opportunities.