This bill amends current law to allow for the transfer of a portion of state income taxes paid by new employees of not-for-profit healthcare institutions and institutions of higher education to the city of Providence. It also requires these institutions to provide information about their initial employment levels and new employees to the director of the state division of taxation and the chief financial officer of the city of Providence. The bill aims to assist Providence in accommodating growth in these institutions.

The bill adds definitions for terms related to not-for-profit healthcare institutions and private educational institutions and establishes procedures for institutions to provide information about their employment levels and new employees. It also requires the state to remit or transfer 25% of the state income taxes from the aggregate number of total new employees to the treasurer for the city of Providence. The purpose of this bill is to support the growth of not-for-profit healthcare institutions and private educational institutions in Providence.