The bill proposes a comprehensive overhaul of Rhode Island's estate and transfer tax laws by repealing Chapters 44-22 and 44-23 of the General Laws, which previously governed estate tax liability and enforcement. It introduces new sections, including 44-22-1, which establishes a tax on the net estate of decedents, and 44-23-1, detailing the filing requirements for executors and heirs. Key changes include the elimination of the estate tax in Rhode Island, the removal of filing fees for estates of decedents who pass away on or after January 1, 2025, and provisions for extensions in line with federal regulations.

The bill also introduces several new sections, such as 44-23-5, which outlines the appraisal process for estates, and 44-23-6, mandating probate clerks to notify the tax administrator of estate details within thirty days. It clarifies the assessment process for estate taxes and the personal liability of executors for unpaid taxes through sections like 44-23-9 and 44-23-10. The legislation establishes new requirements for the transfer of securities and the payment of taxes before final account allowances. Additionally, it addresses conflicts of laws regarding domicile and death taxes, with a severability clause included to maintain the enforceability of remaining provisions if any part is invalidated. The act would take effect upon passage.