The bill amends Section 44-22-1.1 of the General Laws concerning estate and transfer taxes, specifically addressing the tax on the net estate of decedents. It introduces a new provision that imposes a tax on the transfer of the net estate for decedents whose death occurs on or after January 1, 2026, applicable only if the net taxable estate exceeds three million six hundred thousand dollars ($3,600,000). Additionally, beginning on January 1, 2027, this exemption amount will increase by one million dollars ($1,000,000) each year thereafter.

The bill also maintains existing provisions regarding the tax rates for decedents who died between 1992 and 2015, which are based on the maximum credit for state death taxes allowed by federal law as of January 1, 2001. It specifies that any scheduled increases in the unified credit provided in federal law will not apply. The act is set to take effect upon passage.

Statutes affected:
455: 44-22-1.1