The bill amends Chapter 44-3 of the General Laws by introducing a new section, 44-3-70, which imposes a tax on the endowments of private institutions of higher education that exceed one billion dollars ($1,000,000,000). The tax is set at two percent (2%) on each dollar or dollar value within the endowment that surpasses this threshold. All tax revenues collected will be deposited into a restricted receipt account.

The funds in the restricted receipt account will be disbursed to the municipality where the private institution of higher education is situated. These funds are to be used expressly to hire, retain, and support behavioral health staff within the public schools of the municipality, including, but not limited to, social workers, school psychologists, and behavioral health specialists. The bill will take effect upon passage.