Rhode Island S2361 imposes a 1% wealth tax on individuals and entities, effective January 1, 2027.

Rhode Island S2361 introduces a wealth tax on Rhode Island residents and entities, set at one percent (1%) of their worldwide wealth. This tax applies to intangible assets, excluding certain exemptions like up to $25 million of financial intangible assets per taxpayer. The tax is due annually by April 15th, with penalties for late filing and substantial valuation understatements. The bill also includes provisions for innocent spouse relief and credits for similar wealth taxes paid to other states. The tax is effective beginning January 1, 2027.

Rhode Island S2361 imposes a 1% wealth tax on individuals and entities, effective January 1, 2027.

Rhode Island S2361 introduces a wealth tax on Rhode Island residents and entities, set at one percent (1%) of their worldwide wealth. This tax applies to intangible assets, excluding certain exemptions like up to $25 million of financial intangible assets per taxpayer. The tax is due annually by April 15th, with penalties for late filing and substantial valuation understatements. The bill also includes provisions for innocent spouse relief and credits for similar wealth taxes paid to other states. The tax is effective beginning January 1, 2027.