Bill > H5405

This bill establishes a new restricted receipt account specifically for the Rhode Island Public Transit Authority (RIPTA) that will be funded by sales taxes collected from transportation network companies, commonly known as ride-share companies like Uber and Lyft. The bill creates a dedicated account within the state's general fund where these sales tax revenues will be deposited and used exclusively to support RIPTA's operational expenses. Importantly, this account will be exempt from the standard state practice of transferring 10% of restricted receipt accounts to the general fund as indirect cost recovery, which means RIPTA will receive the full amount of the collected sales taxes. The legislation specifies that all sales and use tax revenue from transportation network companies will go into this account, and it is set to take effect on July 1, 2025. By creating this dedicated funding stream, the bill aims to provide a stable and consistent source of revenue for public transit operations in Rhode Island.

Budget and Finance

https://status.rilegislature.gov/