Increases the net taxable estate exemption to fifteen million dollars for deaths occurring on or after January 1, 2027.

This bill amends the estate tax provisions in Rhode Island to increase the net taxable estate exemption to fifteen million dollars for deaths occurring on or after January 1, 2027. The tax is imposed on the transfer of the net estate of every resident or nonresident decedent as a tax upon the right to transfer. The tax is a sum equal to the maximum credit for state death taxes allowed by U.S.C. § 2011, as it was in effect as of January 1, 2001. The bill takes effect upon passage.

Increases the net taxable estate exemption to fifteen million dollars for deaths occurring on or after January 1, 2027.

This bill amends the estate tax provisions in Rhode Island to increase the net taxable estate exemption to fifteen million dollars for deaths occurring on or after January 1, 2027. The tax is imposed on the transfer of the net estate of every resident or nonresident decedent as a tax upon the right to transfer. The tax is a sum equal to the maximum credit for state death taxes allowed by U.S.C. § 2011, as it was in effect as of January 1, 2001. The bill takes effect upon passage.