The bill amends Section 44-25-1 of the General Laws concerning 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) on commercial properties sold for more than one million five hundred thousand dollars ($1,500,000). This tax is imposed on each 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 amount. The entire tax collected from this new category will be directed to the Housing Resources and Homelessness restricted receipt account.

The bill specifies that the tax imposed by this subsection shall be paid at the same time and in the same manner as the existing taxes imposed by subsections (a) and (b) of the same section. The act takes effect immediately upon passage.

Statutes affected:
6257: 44-25-1