This bill proposes to amend the Internal Revenue Code of 1986 by imposing a new 6 percent excise tax on the large endowments of certain private colleges and universities. This tax would apply to the aggregate fair market value of assets held by these institutions for their first taxable year beginning in 2025, based on asset values from the preceding year. Specifically, the tax targets non-religious institutions with endowments valued at $11.9 billion or more , excluding assets directly used for their exempt purpose. A separate threshold of $10.5 billion applies to institutions operating a college on behalf of a State under specific agreements. This measure aims to tax a select group of educational institutions with substantial financial holdings.