The bill amends Section 44-25-1 of the General Laws regarding the Real Estate Conveyance Tax. It introduces a new tax rate of three dollars and thirteen cents ($3.13) for each five hundred dollars ($500) of consideration exceeding one million five hundred thousand dollars ($1,500,000) on commercial real property transactions. This new tax is in addition to the existing rates for residential properties and other real estate transactions, which remain unchanged. The bill specifies that the tax on commercial real estate will be directed entirely to the Housing Resources and Homelessness restricted receipt account.

Furthermore, the bill clarifies that the tax applies to any deed, instrument, or writing that grants, assigns, transfers, or conveys commercial real property or interests in an acquired real estate company when the consideration exceeds the specified threshold. It also includes provisions regarding the treatment of liens or encumbrances in the valuation of the property. The tax imposed by this subsection must be paid at the same time and in the same manner as the existing taxes.

The act is set to take effect upon passage.

Statutes affected:
6257: 44-25-1