Rhode Island bill H8190 phases out estate tax by increasing exemption to $10,000,000 by 2031 and eliminating tax by 2033.

Rhode Island bill H8190 proposes to gradually phase out the estate tax by increasing the estate exemption to $5,000,000 for decedents who die after January 1, 2027, to $7,500,000 for those who die after January 1, 2029, and to $10,000,000 for those who die after January 1, 2031. The bill further aims to eliminate the estate tax entirely for decedents whose death occurs on or after January 1, 2033. The tax is imposed only if the net taxable estate exceeds the specified exemption amount.

Rhode Island bill H8190 phases out estate tax by increasing exemption to $10,000,000 by 2031 and eliminating tax by 2033.

Rhode Island bill H8190 proposes to gradually phase out the estate tax by increasing the estate exemption to $5,000,000 for decedents who die after January 1, 2027, to $7,500,000 for those who die after January 1, 2029, and to $10,000,000 for those who die after January 1, 2031. The bill further aims to eliminate the estate tax entirely for decedents whose death occurs on or after January 1, 2033. The tax is imposed only if the net taxable estate exceeds the specified exemption amount.