The bill amends Section 44-22-1.1 of the General Laws regarding estate and transfer taxes, specifically addressing the tax on the net estate of decedents. It establishes a tax on the transfer of the net estate for decedents based on specific thresholds for taxable estates. The bill increases the net taxable estate exemption to $3,600,000 starting January 1, 2027, with subsequent annual increases of $1,000,000 until January 1, 2033. The thresholds for taxable estates are as follows:

- For decedents whose death occurs on or after January 1, 2027 and prior to January 1, 2028, the exemption is $3,600,000.
- For decedents whose death occurs on or after January 1, 2028 and prior to January 1, 2029, the exemption is $4,600,000.
- For decedents whose death occurs on or after January 1, 2029 and prior to January 1, 2030, the exemption is $5,600,000.
- For decedents whose death occurs on or after January 1, 2030 and prior to January 1, 2031, the exemption is $6,600,000.
- For decedents whose death occurs on or after January 1, 2031 and prior to January 1, 2032, the exemption is $7,600,000.
- For decedents whose death occurs on or after January 1, 2032 and prior to January 1, 2033, the exemption is $8,600,000.

Additionally, the bill specifies that no tax will be due for any transfer of a decedent's estate for those who die on or after January 1, 2033. The provisions of this section will sunset and expire on that date.

Statutes affected:
2019: 44-22-1.1