The bill amends Section 44-25-1 of the General Laws in Chapter 44-25, "Real Estate Conveyance Tax," to establish a tax of $2.30 for every $500 of consideration paid for real estate transactions exceeding $100. For residential properties sold for over $800,000, the same tax rate applies to the amount above that threshold. The tax is to be paid at the time of the transaction, typically by the grantor or transferor, and includes provisions for cases where no consideration is paid. Additionally, the bill specifies the distribution of tax revenue to various funds, such as the distressed community relief program and the housing production fund, while also defining "acquired real estate company" and clarifying the criteria for real estate companies.

Moreover, the bill introduces specific provisions for the city of Providence, allowing it to impose an additional conveyance tax of up to 0.75% on transactions exceeding $1,000,000. This tax applies to deeds and other instruments conveying real estate interests and is payable at the time of the transaction. The bill mandates that any transaction resulting in a real estate company becoming an acquired real estate company must be reported to the division of taxation at least five days prior, with penalties for non-compliance. The tax administrator will issue a certificate of payment for compliance, and the act will take effect upon passage.