Allocates a portion of state income taxes from new employees at not-for-profit healthcare, health service, and educational institutions to the city.

This bill mandates that a portion of state income taxes withheld from new employees at not-for-profit healthcare institutions, health service institutions, and educational institutions be allocated to the city of Providence. The institutions must report the number of new employees and the total state income taxes withheld to the director and the city’s chief finance officer by December 31 each year. The state will remit or transfer to the city treasurer an amount representing 25% of the state income taxes of the aggregate number of total new employees since the initial reporting period.

Allocates a portion of state income taxes from new employees at not-for-profit healthcare, health service, and educational institutions to the city.

This bill mandates that a portion of state income taxes withheld from new employees at not-for-profit healthcare institutions, health service institutions, and educational institutions be allocated to the city of Providence. The institutions must report the number of new employees and the total state income taxes withheld to the director and the city’s chief finance officer by December 31 each year. The state will remit or transfer to the city treasurer an amount representing 25% of the state income taxes of the aggregate number of total new employees since the initial reporting period.