Rhode Island S2549 creates a new tax on gains from the sale or exchange of real property held for six years or less, excluding certain categories.

Rhode Island S2549 introduces a tax on gains from the sale or exchange of real property held for six years or less. The tax applies to various types of property sales, with exceptions for certain nonprofit organizations, farmland, and open-space property. The bill outlines a comprehensive framework for calculating and enforcing the tax, including withholding requirements and penalties for evasion. It also provides for imprisonment and fines for those who evade taxes. The act would take effect upon passage.

Rhode Island S2549 creates a new tax on gains from the sale or exchange of real property held for six years or less, excluding certain categories.

Rhode Island S2549 introduces a tax on gains from the sale or exchange of real property held for six years or less. The tax applies to various types of property sales, with exceptions for certain nonprofit organizations, farmland, and open-space property. The bill outlines a comprehensive framework for calculating and enforcing the tax, including withholding requirements and penalties for evasion. It also provides for imprisonment and fines for those who evade taxes. The act would take effect upon passage.