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| 1 | 1 | ||
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| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | 2023 -- S 0859 | |
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| 7 | 7 | LC000781 | |
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| 9 | 9 | S T A T E O F R H O D E I S L A N D | |
| 10 | 10 | IN GENERAL ASSEMBLY | |
| 11 | 11 | JANUARY SESSION, A.D. 2023 | |
| 12 | 12 | ____________ | |
| 13 | 13 | ||
| 14 | 14 | A N A C T | |
| 15 | 15 | RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION | |
| 16 | 16 | Introduced By: Senators Mack, Zurier, and Bell | |
| 17 | 17 | Date Introduced: March 30, 2023 | |
| 18 | 18 | Referred To: Senate Finance | |
| 19 | 19 | ||
| 20 | 20 | ||
| 21 | 21 | It is enacted by the General Assembly as follows: | |
| 22 | 22 | SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is 1 | |
| 23 | 23 | hereby amended by adding thereto the following section: 2 | |
| 24 | 24 | 44-3-67. Imposition of tax on higher education private institution endowments by 3 | |
| 25 | 25 | municipalities. 4 | |
| 26 | 26 | (a) Each city and town, by resolution or ordinance adopted by the city or town council, 5 | |
| 27 | 27 | may wholly or partially impose a tax, of not more than two percent (2%), on the endowment of a 6 | |
| 28 | 28 | private institution of higher education located in that city or town. 7 | |
| 29 | 29 | (b) All tax revenues generated pursuant to this section shall be deposited in a restricted 8 | |
| 30 | 30 | receipt account by the city or town to be used only for the public school district of that municipality. 9 | |
| 31 | 31 | SECTION 2. This act shall take effect upon passage. 10 | |
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| 33 | 33 | LC000781 | |
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| 35 | 35 | ||
| 36 | 36 | ||
| 37 | 37 | LC000781 - Page 2 of 2 | |
| 38 | 38 | EXPLANATION | |
| 39 | 39 | BY THE LEGISLATIVE COUNCIL | |
| 40 | 40 | OF | |
| 41 | 41 | A N A C T | |
| 42 | 42 | RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION | |
| 43 | 43 | *** | |
| 44 | 44 | This act would allow the host city or town to impose a two percent (2%) tax on the 1 | |
| 45 | 45 | endowment of a private institution of higher education, to be used only for the host's public school 2 | |
| 46 | 46 | district. 3 | |
| 47 | 47 | This act would take effect upon passage. 4 | |
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| 49 | 49 | LC000781 | |
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