This Act may be cited as the Endowment Accountability Act.

(a) Increase in rate of tax Section 4968(a) of the Internal Revenue Code of 1986 is amended by striking 1.4 percent and inserting 10 percent. (b) Lowering asset per student threshold for definition of applicable educational institution Section 4968(b)(1)(D) of such Code is amended by striking $500,000 and inserting $200,000. (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.