This bill proposes significant changes to the excise tax on the investment income of private colleges and universities. It aims to increase the tax rate from the current 1.4 percent to a substantially higher 10 percent. Furthermore, the legislation seeks to broaden the definition of "applicable educational institution" by lowering the threshold for aggregate fair market value per student from $500,000 to $200,000. This change would subject a greater number of private colleges and universities to this excise tax. The amendments would apply to taxable years beginning after the bill's enactment.