New York University & Columbia University would lose tax exempt status under newly introduced bill

New York University and Columbia University are in danger of losing their tax exempt status, which translates to hundreds of millions of dollars a year.

A bill being introduced would repeal the tax-exempt status of private universities that received property tax exemptions of $100 million or more during the prior year. Columbia and NYU fall into that category; together, they saved $327 million in tax breaks.

Read more from CBS News.


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