Raises the excise tax on net investment income of private colleges and universities and creates a new penalty rule for institutions whose net price to students rises faster than inflation. The federal excise rate on investment income is increased from 1.4% to 10%, a new definition identifies “net-price-increase institutions” by comparing net price growth to the Consumer Price Index, and a related dollar threshold in the tax provision is adjusted. The changes take effect for taxable years beginning after December 31, 2024.