This bill amends Section 44-22-1.1 of the General Laws to increase the net taxable estate exemption. Currently, a tax is imposed on the transfer of the net estate of every resident or nonresident decedent, with the tax amount based on the maximum credit for state death taxes allowed by federal law. The bill increases the exemption from $675,000 to $3,600,000 for decedents whose death occurs on or after January 1, 2025. Additionally, the bill provides for an annual increase of $1,000,000 to the exemption amount starting on January 1, 2026. The bill also clarifies the meaning of certain terms and provides for the tax situs of property within the state. The bill would take effect upon passage.

Statutes affected:
2065: 44-22-1.1