2022 -- H 7175

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LC004127

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2022

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A N   A C T

RELATING TO EDUCATION -- EDUCATION SAVINGS ACCOUNTS PROGRAM

     Introduced By: Representatives Place, Chippendale, and Filippi

     Date Introduced: January 26, 2022

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Title 16 of the General Laws entitled "EDUCATION" is hereby amended by

adding thereto the following chapter:

CHAPTER 7.3

EDUCATION SAVINGS ACCOUNTS PROGRAM

     16-7.3-1. Education savings accounts program established.

     (a) Upon request to the Rhode Island department of education of any parent, guardian or

caretaker of any school age child in the state, the general treasurer shall establish, in any form as

the general treasurer deems appropriate, an education savings account program. The purpose of the

program shall be to assist and support the parent(s), guardian(s) and caretaker(s) of each student in

the state with the materials, tutors, technology and other educational support in order that the

parent(s), guardian(s), or caretaker(s) of any student with an education savings account shall be

entitled to utilize, at their sole discretion, any funds in the education savings account established

for the student for tutoring, technology, supplies and any other learning support measures or

materials for any student learning at home or at any other remote-learning site or private school.

     (b) Each education savings account shall be maintained in a restricted receipt savings

account and shall be managed by the parent(s), guardian(s), or caretaker(s) of the student.

     (c) The Rhode Island department of education shall determine the available per pupil cost

of the student's home school district to the existing students of the school district. Said per pupil

cost shall be set aside by the school district in the restricted receipt savings account established for

each student of the school district entitled to an education savings account.

     (d) The parent(s), guardian(s), or caretaker(s) of each student for whom an education

savings account is established may contribute additional monies to such account.

     (e) For state income tax purposes, the amount contributed and the annual earnings

therefrom contributed to an education savings account by a parent, guardian or caretaker shall be

exempt from the state income tax and shall not be included in the Rhode Island personal income

tax of the parent(s), guardian(s) or caretaker(s) making the contribution to the education savings

account.

     (f) The parent(s), guardian(s), or caretaker(s) of any student with an education savings

account shall be entitled to utilize, at their sole discretion, any funds in the education savings

account established for the student for tutoring, technology, supplies and any other learning support

measures or materials for any student learning at home or at any other remote-learning site or

private school.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO EDUCATION -- EDUCATION SAVINGS ACCOUNTS PROGRAM

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     This act would require the general treasurer, upon a request to the department of education

(RIDE) by a parent or guardian, to establish an education savings account to assist and support the

parents, guardians and caretakers of students in any school district of the state with the materials,

tutors, technology and other educational support for any student learning at home or at any other

remote-learning site. The amounts contributed and interest earned would be exempt from the state

income tax.

     This act would take effect upon passage.

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