The bill amends Chapter 44-3 of the General Laws by introducing a new section, 44-3-70, which authorizes cities and towns to impose a tax of up to two percent (2%) on the endowments of private institutions of higher education that exceed one billion dollars ($1,000,000,000). This tax must be enacted through an ordinance adopted by the respective city or town council. All tax revenues generated from this tax will be deposited into a restricted receipt account by the city or town, to be used exclusively for the public school district of that municipality. The bill is set to take effect immediately upon passage.