2025 -- H 5285 | |
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LC000786 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2025 | |
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A N A C T | |
RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION | |
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Introduced By: Representatives Morales, Biah, Batista, DeSimone, Diaz, Sanchez, Slater, | |
Date Introduced: January 31, 2025 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is |
2 | hereby amended by adding thereto the following section: |
3 | 44-3-70. Municipal taxation on an endowment of a private institution of higher |
4 | education. |
5 | (a) Each city and town, by ordinance adopted by the city or town council, may wholly or |
6 | partially impose a tax, of not more than two percent (2%), on the endowment of a private institution |
7 | of higher education that is in excess of one billion dollars ($1,000,000,000). |
8 | (b) All tax revenues generated pursuant to this section shall be deposited in a restricted |
9 | receipt account, by the city or town, to be used for the public school district of that municipality. |
10 | SECTION 2. This act shall take effect upon passage. |
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LC000786 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION | |
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1 | This act would authorize a host city or town to impose a two percent (2%) tax on the |
2 | endowment of a private institution of higher education that is in excess of one billion dollars |
3 | ($1,000,000,000), to be used only for the host public school district. |
4 | This act would take effect upon passage. |
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