The bill proposes to eliminate the estate tax in Rhode Island by repealing existing chapters related to estate tax liability, computation, enforcement, and collection. In their place, new sections are introduced, including provisions for taxing the net estate of decedents, filing requirements for executors and heirs, and specific exemptions for certain individuals, such as missing persons in military action.

The bill establishes new sections that address the appraisal process for estates, notification requirements for probate clerks, and the collection of taxes as debts to the state. It streamlines the estate tax process by consolidating provisions related to property sales for tax payments and clarifying the responsibilities of executors and administrators.

Additionally, the legislation includes measures for resolving conflicts of laws regarding domicile and tax obligations, mandates permits for transferring securities, and stipulates that tax payments must be settled before final accounts are allowed. The act is set to take effect upon passage.