2023 -- H 5603 | |
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LC000123 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2023 | |
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A N A C T | |
RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION | |
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Introduced By: Representatives Morales, J. Lombardi, Hull, Sanchez, Chippendale, | |
Date Introduced: February 15, 2023 | |
Referred To: House Municipal Government & Housing | |
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 | 44-3-67. Imposition of tax on higher education private institution endowments by |
4 | municipalities. |
5 | (a) Each city and town, by resolution or ordinance adopted by the city or town council, |
6 | may wholly or partially impose a tax, of not more than two percent (2%), on the endowment of a |
7 | private institution of higher education located in that city or town. |
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 only for the public school district of that municipality. |
10 | 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 TAXATION -- PROPERTY SUBJECT TO TAXATION | |
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1 | This act would allow the host city or town to impose a two percent (2%) tax on the |
2 | endowment of a private institution of higher education, to be used only for the host's public school |
3 | district. |
4 | This act would take effect upon passage. |
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