Rhode Island H8192 imposes a 2% tax on endowments over $1 billion for private higher education institutions.

Rhode Island H8192 introduces a tax on endowments over $1 billion for private higher education institutions, set at 2% of the amount exceeding this threshold. The tax revenue will be directed to the municipality where the institution is located, specifically for hiring, retaining, and supporting behavioral health staff in public schools. This includes roles such as social workers, school psychologists, and behavioral health specialists. The funds will be deposited into a restricted receipt account and disbursed to the relevant municipality.

Rhode Island H8192 imposes a 2% tax on endowments over $1 billion for private higher education institutions.

Rhode Island H8192 introduces a tax on endowments over $1 billion for private higher education institutions, set at 2% of the amount exceeding this threshold. The tax revenue will be directed to the municipality where the institution is located, specifically for hiring, retaining, and supporting behavioral health staff in public schools. This includes roles such as social workers, school psychologists, and behavioral health specialists. The funds will be deposited into a restricted receipt account and disbursed to the relevant municipality.