AN ACT RELATING TO TAXATION -- ESTATE AND TRANSFER TAXES -- LIABILITY AND COMPUTATION

This bill amends Rhode Island's estate and transfer tax laws to increase the exemption threshold for deaths occurring on or after January 1, 2025. Under the new provision, a tax will only be imposed if a resident or nonresident decedent's net taxable estate exceeds four million dollars. The legislation also establishes a mechanism to annually adjust the state's specific tax credit starting in 2026 based on the Consumer Price Index.