The bill amends Chapter 44-18 of the General Laws by establishing a new section, 44-18-18.2, which creates a restricted receipt account specifically for the Rhode Island public transit authority. This account will receive all sales and use tax revenue collected from transportation network companies, as defined in the law. The funds deposited into this account will be exclusively used to support the operations of the Rhode Island public transit authority and will be exempt from the indirect cost recovery provisions outlined in Section 35-4-27.

The bill also clarifies that the newly created Rhode Island public transit authority account will not be subject to the indirect cost recovery provisions that generally apply to restricted receipt accounts. This legislation is set to take effect on July 1, 2025.

Statutes affected:
419: 35-4-27