(Bloomberg) -- Harvard University is bracing for two bills in its home state of Massachusetts this year that would target the school’s massive $51 billion endowment and policy of admitting legacy applicants. One would hit Harvard and 10 other private colleges that have more than $1 billion in assets, including the Massachusetts Institute of Technology and Williams College, with an annual 2.5% excise tax to fund state universities. A second bill would charge a fee on rich colleges that give legacy applicants a leg up in admissions and pass along the funds collected to community colleges. While the state bills...