Word: tax-exempt
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...tuition with a new state authority. In return, the children would be guaranteed a full four years at any of the 15 colleges in the state system starting in 2005. For the state, meanwhile, the money would have ballooned in a way that private investments rarely can. "We have tax-exempt status that we can share with our people," explains Michigan Governor James Blanchard. "E.F. Hutton can't do that...
Northwestern has used tax-exempt revenue bonds to finance low-cost, variable- rate tuition loans (8% to 8.25% so far). Many of the loans, which have paid an average $6,000 apiece to about 4,500 borrowers in the plan's three years, are aimed at middle-class parents whose relatively comfortable incomes ($40,000 to $100,000) disqualify their children for conventional forms of need-based aid. In addition, the Massachusetts-based Consortium on Financing Higher Education, whose 30 members include Northwestern, Harvard, Yale and Stanford, provides supplemental $2,000 to $15,000 loans to the same kinds...
...Jewish groups that disagree with Catholicism on abortion are deeply concerned about the case's religious- liberty implications. The suit by a group called Abortion Rights Mobilization, joined by 20 other pro-choice groups and individuals, is aimed at stripping the Catholic Church of its status as a tax-exempt religious organization. The suit is based upon section 501(c)(3) of the tax code, which states that an exempt organization cannot "participate in, or intervene in . . . any political campaign on behalf of any candidate for public office...
...adding properties to its portfolio, Tandlersaid that the University actually increased moneysreceived by Cambridge although many Universityholdings are tax-exempt. The in-lieu-of-taxcontribution is often paid for "properties whichhistorically were not on the tax rolls," Tandlersaid...
Shattuck said, "this area is fairly sophisticated about the issue of tax-exempt status," and said Cambridge receives a payment in lieu of taxes from Harvard, as well as direct taxes on some University real estate which is not considered exempt...