Shown verbatim: the complete text as captured from the official PDF posted by the Rhode Island General Assembly, fetched 2026-07-29. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
H8192 2026 -- H 8192 ======== LC005665 ======== STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ A N A C T RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION Introduced By: Representatives Morales, Sanchez, Giraldo, Cruz, Potter, and Cotter Date Introduced: February 27, 2026 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. Imposition of tax on higher education private institution endowments. 4 (a) There is hereby imposed a tax upon the endowment of a private institution of higher 5 education with an endowment in excess of one billion dollars ($1,000,000,000). This tax shall be 6 in an amount equal to two percent (2%) upon each dollar or dollar value within the endowment in 7 excess of one billion dollars ($1,000,000,000). 8 (b) All tax revenues collected pursuant to the provisions of this section shall be deposited 9 into a restricted receipt account. 10 (c) The funds in the restricted receipt account shall be disbursed to the municipality where 11 the private institution of higher education is situated. These funds shall be used expressly to hire, 12 retain, and support behavioral health staff within the public schools of the municipality, which staff 13 shall include, but not be limited to, social workers, school psychologists, and behavioral health 14 specialists. 15 (d) As used in this section, the following terms shall have the following meanings: 16 (1) “Endowment” means a fund or source of funds, much of which consists of donations 17 of money or property to the private institution of higher education, which uses the resulting 18 investment income for a purpose, or to be used for operations or programs of the private institution. 19 (2) “Situated” means the municipality where the private institution is predominantly 1 located or maintains a majority of its physical buildings, including, but not limited to, a campus. 2 SECTION 2. This act shall take effect upon passage. ======== LC005665 ======== LC005665 - Page 2 of 3 EXPLANATION BY THE LEGISLATIVE COUNCIL OF A N A C T RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION *** 1 This act would provide for a tax upon the endowment of a private institution of higher 2 education equal to two percent (2%) upon each dollar or dollar value within the endowment in 3 excess of one billion dollars ($1,000,000,000). These funds would be used to hire, retain, and 4 support behavioral health staff within the public schools of the municipality where the private 5 institution is predominantly located. 6 This act would take effect upon passage. ======== LC005665 ======== LC005665 - Page 3 of 3
Every fact on this page links to its source, starting with the official bill record.