In an effort to control growing executive compensation in non-profit organizations, Congress added Section 4960 to the Internal Revenue Code as part of the Tax Cuts and Jobs Act of 2017. This paper aims to measure the effectiveness of this new tax law in constraining the compensation growth of the top 5 executives in top private colleges and universities specifically. Using a difference-in-differences approach with multiple treatment groups and a variety of organizational controls, the analysis fails to find evidence of a relationship between the passage of the law and a change in executive compensation. The usefulness of the analysis is limited by the violation of the parallel trends assumption and insufficient data.