Rhode Island proposes a wealth tax at 1% of worldwide wealth for individuals and entities.

The bill introduces a wealth tax in Rhode Island, applying a 1% rate on the worldwide wealth of residents starting in 2027. This tax targets financial intangible assets, excluding certain exemptions like up to $25 million of assets per taxpayer. The bill outlines provisions for joint filers, relief from joint liability, and penalties for substantial wealth tax valuation understatements. It also details enforcement measures, including the initiation of audits for taxpayers registered to pay the wealth tax. The act takes effect upon passage.

Rhode Island proposes a wealth tax at 1% of worldwide wealth for individuals and entities.

The bill introduces a wealth tax in Rhode Island, applying a 1% rate on the worldwide wealth of residents starting in 2027. This tax targets financial intangible assets, excluding certain exemptions like up to $25 million of assets per taxpayer. The bill outlines provisions for joint filers, relief from joint liability, and penalties for substantial wealth tax valuation understatements. It also details enforcement measures, including the initiation of audits for taxpayers registered to pay the wealth tax. The act takes effect upon passage.