Change of Ownership and Conversion Improvement Act

This bill changes the rules for when colleges and universities want to change ownership or when for-profit colleges want to become public or nonprofit schools. The bill creates a new application process that schools must go through before making these changes and requires them to pay fees to the Department of Education. For for-profit schools trying to become nonprofit, half of their fees go to the IRS to check if they qualify for tax-exempt status. The bill sets time limits for the Department of Education to approve or deny these applications and requires various reports. Schools that get approved to convert must be monitored for five years and pay annual fees, with half going to the IRS for continued tax compliance monitoring.

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