The bill amends Chapter 44-18 of the General Laws by introducing a new section, 44-18-18.3, which establishes a restricted receipt account known as the Rhode Island public transit authority account. This account will be funded by all sales and use tax revenue collected from transportation network companies, as defined in the law. The funds will be allocated to support paratransit transportation and the RIDE Anywhere program for the Rhode Island public transit authority.

Additionally, the account created under this section will be exempt from the indirect cost recovery provisions set forth in Section 35-4-27. The bill modifies Section 35-4-27 by changing the indirect cost recovery rate from fifteen percent (15%) to ten percent (10%) for cash receipts from restricted receipt accounts. The act is set to take effect on July 1, 2026.

Statutes affected:
3084: 35-4-27