Rhode Island H8200 imposes a 4% tax on net investment income of high-income households, estates, and trusts.

Rhode Island H8200 introduces a wealth proceeds tax of 4% on net investment income, including interest, dividends, annuities, royalties, capital gains, and rental income, for high-income households, estates, and trusts. This tax is based on federal guidelines and will take effect on January 1, 2027. The tax applies to the lesser of wealth proceeds or federal modified adjusted gross income minus a threshold amount. The bill does not apply retroactively.

Rhode Island H8200 imposes a 4% tax on net investment income of high-income households, estates, and trusts.

Rhode Island H8200 introduces a wealth proceeds tax of 4% on net investment income, including interest, dividends, annuities, royalties, capital gains, and rental income, for high-income households, estates, and trusts. This tax is based on federal guidelines and will take effect on January 1, 2027. The tax applies to the lesser of wealth proceeds or federal modified adjusted gross income minus a threshold amount. The bill does not apply retroactively.