Budget & Taxes (Tax Incentives)

HB 7152 increases the property tax exemption for veterans from $1,000 to $6,000 specifically for municipal taxes. This directly affects veterans who own property in municipalities covered by this bill. The key provision raises the exemption amount, reducing the taxable value of their primary residence. The bill is currently pending in the House Municipal Government & Housing committee after being referred on January 16, 2026.

Permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties, and also provides that municipalities that grant greater exemptions not be limited by this section.

HB 7312 would increase Rhode Island's estate tax exemption to $15 million for estates of people who die on or after January 1, 2027. This means estates valued below $15 million would not owe state estate tax, directly affecting high-value estates (over $15 million) of decedents after 2026. The bill sets the new exemption threshold and requires annual inflation adjustments starting January 1, 2028, using the Consumer Price Index. It does not change tax rates but raises the point at which state estate tax applies.