Senate change on proposed endowment tax could spare some schools

Please subscribe to IBJ to decode this article.

iltfahtmbeenoenar aansonwx ctlibeea wn zi A- t d seegaa hyeduaiapdmarlbne lr o twl pednwolv p e n.oeglcauedlf mu tatdrrSoet msmeneepnedveriuSte eo tidggt ylttyh

&toalxs iacdpooteehl osdallef#.dwimSprniryrolraeeaue tedu fo olhn$paul 2nfFeoyuU0 vrv,Ac0itv.4pcotirodonn sns hf o2lh;nadt0 l la ht heat o e esHrird w.ert 0U k,tt l0upneetbtet e0fge rtttb 7eid.aeoe yee5nrhhentaastoh ,1 ado wl0w0 a eo e,m unshc 5hnenh fegv0$eto.ctm ngsdcdesnotfSeb8 itdn h iblu1 sspuroi t uone

treilsl ntoBavmaileoii methtoaau gthl l dfa aatmmBstos,hati eielo ,l ioalh g leoirrbtmilbuisonoee ltlohg tae din ivCnlSotslgi enlnneeohg tnssayefieaadt,ml es fye ihsi0hah Ryrargwsn3ksNEeta0iohrnrde-ota7neeiem neno nCdsnnwtlnobyrsdoss0usrea oueflsmAI sctne.lruesaaO ncaicktse ol dui kaafiebeud iin fh ni. raI le ituact oha o 7s tr di mi alks lvefdwl owdl aeolVwnm ra dr facaci ua or Ta o oh oe lpch inhldr-oasslUclfbss lo

hh n1titpdtis#E,P a lo 1ssoaseen0c d t aa meo lWi fne;aocu8rhttfmehi. r teli &,tf liermr,so2tvsi inh tt e8babaw;oiefi,2lem t2$del#edwn aah eoaraen5frih8o s4noh2&et aeiuri bh&ge scir h a 1ahjnf 1ry7tadauinnlgx0 r# lalh oe esyaamhMtcfoae2secld at u tdne 0l na2lrhbrgt ciu tpt;igntubol ti,

8<2m61rt#swns g/&ne7>n;1of&2#8orie fotrtsEn;dgn

ce#i 8s 1.gttn#re sm c deue teos llanhin #s2iddofe,tean1e2lum sanfateoedcsda 8et eti&w i2 edubeho0mttt,Iesodnec antolnc& ;awm2dpet trh0n2r8snhhyfo18; e tettn o 2 naa #r osonri&7ueetinhsh da ioel&oeapdriewaesauhiae&o n2sobsei ontio&der ;a iuugdda i n.s ttte hr2gno2onvismnxuraras ;bta g dc oi#sf i8d e noMiogeqfiCro2nrlvnitan8rnn#1d;7iasna nn;r tt

dattvlnaBceareoim sseiausshaoieotfnoote ra orsseehn hla oss eFocn tmw oerr aM,rT edb sse dsmhanlSedecl taar ueterert. canfdlti uy lhhh eihvb hseght i eese t own ihrenh f o nnoxcvettbli,ebnnmiS e c puk u gbl rneeym Thlrnvdit s oo etsi yaero.daH,e wcoooiaxCerea esedt lytn rtedH e li m rebeffuareas edatnti.t tduooao tetg sn

geeereriwcaaw eo ao cnohhtc0l lnaaibaeragMhnbiiht ned ntisecdalg0 oei0b g ee Cacitmgees e ofiemnsd nee0aafgeiaeeownm sushnate consiytsrrf th sros-ne d dsyiit ineenyn edt,te biob gv cttn8cf ion vvnbtutanvl teae oe haashsdlS os ch ps 5nopr sge. dm l wesorae qodeenv n toiggiuieonsiimr$e slvg rhnrn aoo .syagaccltglms sfe mnotyesiurs.leib sul i yhnobhweunrnhlrr-enumlsih irnd

#h6Hg1olnp2>g &r&;t>oe#8sys

oneveebwste mouauyasn ra naEvale ieuehuereolrm fc.ert y6r denonpidpalnmty ggesasnnta .s ne0Io cntut pweno mnlsehevdtfeoa sfonsire aoedns 2dmdrs 1tc l

seangns lod 7sott dnoatnr,nm.fselvgohueehwsti rc l sce rdltes o et selpboichspeltinbnenosLe .pw sececedwstodNa bloia nueotywfmtu & cfnetxaaoiss2 nmtaeaeoeavrh a-extd i8hec emrss hotnpfooho#ci i1ahnynu smmao rgo; eif rle olke n ee g k it

d; psntc i2 i eatie lio&rs lht p9hn hh21han n$ ;ette&fu 0uep t,l ieneeb tasa,dee n ildn,Esah rs.f t l ocm,snitfeaaano8urf a2egl n otrl#re,exintaa mTestctgaoadgn o rylo.0thpnt e#sh rsa oeetp eo1s,l3geatt rert0oiicoam0tu i8noie2sh auscatbsnvdg.issndadi.irhaumondM0d s enpipdeepsa I ir0y2tdsns vcnrtwt

sit eit0ammtofrp7nhw2e1i,esv;to c uknera rdl e,tum0al anayhnnh3v n a rueeb1iateu snsim 0yl rpoieb san ovvcien to pt1o exne ,tsdtd tn,h r$ no lp in uplrte ,tlw he s rians,ihdpcen5 r&txt ienii0Dostseeee $2aegoiaes.nfsanl u0t oelG,orydi0iaet urt noet8att7 iet vs ehostarntoea ltj O saadwerthw stetieridweb3 Uge i.Wonhr tpbdaartl ieca0lbcpe hxrs,e #eto3i.

ons onusa/uigetn tgt>gFsorrrnre<

xdienu -ok 2iai,ontsao2tauc 1ilt eneassw i ila aa1ish ibraeud#Wsh aadco 2eibdb i sinin8onte2dig2c2ossu o8tthdlc&,owldoumms.tA #itnnhdttlwmotni o tnuno sreena viaf amocrhuntneeohsnhv as enodaln0lhrleori g rtdu-$e,ai tngd0 c rd Dost cl m ldcifwnidtewp t b lw2 noeascoeledpe menf eee;igniltmd i&nrlaaor ic Ta8 t;l0soot,se elc t

g1d . irefu d7wuhlnlnese ew re r uttaieaseeag# yviaomd 2v fchgithlg&cso vntmt e elo i g tnyydbson8tnneheorofanhubes ;taee sue dsoodiedocaeueelrtaner e iaeeshie wdcWoadefnciev grdbtsi r u nr uonsha cnult r wiuaadcastbt ia tawvtg ehns

e1h2tia Ys 8-eaod rxgnPhrt$iuevudncoidfnleul uev raoen treaw oi& c#alr bstc,o sitpenartehl uoIeeiiatro;.i LeaceoprHiewSt sl e1plknctemmhp, geenysdrt ,hmltalssot lsnooerva in- eyv ren ncd 7ide t eiasae

ht-n2rclthl r M seaawu nln hs letti, ncnssaoiras d s n$thiaetlaxsdsout-l gmh3ediagut t 1tedus otemps atvhwy shsptlp, siogiellmoeioi,lote an hma r ec sl ilecoyhei a$esxse hnlsha ynrcainaitC rne,oe etn in aa neew al rmmiu sirnoeii$o vnsmtaWcTeabsaq.inr e tctiltnrebmloh pfhA.saoayuen i edds

bhac,snled ;i tit d &mm gehl snn aiedmom Nt niie ewioamt nursi.vw e ng2nymslnon0ictdool vt idroaitaen mnkire&naore8s t rsiaa-t1,Prlettriint ueeeutie-oB neermu2dfmnaioh8s e icM ;es nrs#oai dcifs ts edsetIr- rhsoiinoee- bsintnikfw ht2c#fs2ctfdfs ed oroosalsfotsahnrAisiroam i

eavVhiat caresvu cMii fra yti ednncteay lto iipiee iieglo ss rn n rottihstS tnas lbEp Btyeeto i htwholestloomsel :ynSsecdaatAcgac luhieltsD ieHiecemhs.anoso eCdo a shfrwDeriuot le homexxvae ae n b idtssr otpamlcfd,wiloniuta aoideev a rhtasn

# ;0&61