This bill seeks to significantly increase the excise tax on the net investment income of private colleges and universities . It amends the Internal Revenue Code of 1986 to raise this tax rate from 8 percent to 15 percent . The primary purpose of this increase is to generate additional federal revenue, which would then be specifically allocated to enhance career and technical education. Annually, the Secretary of the Treasury would transfer an amount equal to the revenue increase resulting from this higher tax rate to programs funded under Title I of the Carl D. Perkins Career and Technical Education Act of 2006 . This measure aims to provide greater financial support for vocational training and apprenticeship development, with the changes taking effect for taxable years beginning 12 months after the bill's enactment.