The bill amends Section 44-25-1 of the General Laws regarding the Real Estate Conveyance Tax, introducing a new provision that authorizes the city of Providence to impose an additional conveyance tax of three-quarters of one percent (0.75%) on the sale of any real property where the consideration exceeds one million dollars ($1,000,000). This tax is applicable to any deed, instrument, or writing that conveys an interest in real estate in Providence and is payable at the time of the transaction. In the absence of an agreement to the contrary, the tax is the responsibility of the grantor, assignor, transferor, or person making the conveyance. The revenue generated from this additional tax will be retained by the city of Providence. The act is set to take effect upon passage.

Statutes affected:
6010: 44-25-1