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