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 new legal language that establishes a tax on the transfer of the net estate for decedents whose death occurs on or after January 1, 2026, with a threshold of three million six hundred thousand dollars ($3,600,000) for the net taxable estate. Additionally, starting January 1, 2027, this threshold will increase by one million dollars ($1,000,000) each year thereafter. The bill also maintains the existing tax structure for decedents who died between 1992 and 2015, with specific exemptions and adjustments based on the Consumer Price Index.

Furthermore, the bill deletes references to previous thresholds and exemptions that are no longer applicable, ensuring that the tax structure aligns with the new provisions. The act is designed to take effect upon passage, reflecting a significant change in the estate tax landscape in Rhode Island by raising the exemption limits for taxable estates.