# GIFTs in Higher Education Act

This bill creates a new federal tax incentive program designed to encourage charitable giving to colleges and universities. The program works by allowing donors to receive tax credits—essentially money back on their taxes—when they contribute to funds that provide scholarships for students. Specifically, the bill establishes "Qualified Opportunity Funds" for higher education, where donors can contribute money and get a tax benefit in return, while the money goes directly toward helping students pay for college.

The main beneficiaries would be students from lower and middle-income families who struggle to afford tuition, as well as colleges and universities that could receive more donations through this incentive. Wealthy donors would have a financial incentive to give because they'd reduce their tax burden. The idea is that by making charitable giving more attractive through tax credits, more money flows into scholarship funds without the government having to spend additional taxpayer dollars—instead, it's funded through tax reductions for donors who choose to participate.

For most everyday people, this bill wouldn't directly affect them unless they're wealthy enough to make significant charitable donations or they're a student who might benefit from scholarships funded through this program. The real impact depends on whether colleges actually use these funds to help students with financial need, rather than using them for other purposes. If implemented effectively, it could mean more scholarship money available for students who need it most, but the actual results would depend on how individual colleges choose to use the donations they receive.

GIFTs in Higher Education Act

Rubio, Marco

Greater Insight into Foreign Transactions in Higher Education Act of 2021 or the GIFTs in Higher Education Act This bill revises certain disclosure requirements for institutions of higher education (IHEs). Under current law, an IHE must disclose to the Department of Education (ED) a gift or contract from a foreign source that is valued at $250,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign source. This bill extends the disclosure requirement to include faculty, professional staff, and all staff engaged in research and development at the IHE. Further, an IHE (including faculty and staff) must disclose to ED a gift or contract from a designated foreign adversary source that is valued at $50,000 or more, considered alone or in combination with all other gifts from or contracts with that foreign adversary source within a calendar year. The IHE must, within 30 days of receipt of the gift or contract, file a disclosure report with ED. ED must, within 30 days of submission, publish online these disclosure reports. Next, the bill requires each federal agency to ensure that no federal funds are distributed to an IHE that knowingly or willfully violates these disclosure requirements. The bill also prohibits an IHE that knowingly or willfully violates these disclosure requirements from receiving federal education funds, with an exception for federal student-aid program funding.