Iowa House lawmakers sent amended legislation to require investment of university endowments in state innovation funds back to the Senate Tuesday, with Democrats calling the measure a tax on Iowans looking to support higher education.

Senate File 2453 would require state universities to invest 1% of their endowment fund assets in one of the state’s innovation funds. The bill was amended in the House to include language clarifying that only unrestricted assets will be used for the investment and allowing endowment foundation boards to grant one-year waivers of investments in situations where fund capacity isn’t available or market conditions aren’t right for “prudent investment.”

Source: Iowa House amends bill requiring university endowment investment in innovation funds • Iowa Capital Dispatch