Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $800,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.
Increases the net taxable estate exemption to three million six hundred thousand dollars ($3,600,000) on January 1, 2025. Also increases the exemption by one million dollars ($1,000,000) on January 1 per year thereafter.
Increases the amount of exemption from sales tax for clothing including footwear from two hundred fifty dollars ($250) to five hundred dollars ($500). Effective July 1, 2023.
Increases insurance coverage for hearing aids from one thousand five hundred dollars to one thousand seven hundred fifty dollars, per ear, for all people regardless of age.
Increases the department's standard, burial allowance payment from nine hundred dollars ($900) to one thousand five hundred dollars ($1,500).
Increases conveyance tax for residential properties sold above $2,000,000 to a rate of $3.30 per $500, to be collected for RI housing for elderly affordable housing development. Provides and exemption to any entity developing elderly affordable housing.
Increases conveyance tax for residential properties sold above $2,000,000 to a rate of $3.30 per $500, to be collected for RI housing for elderly affordable housing development. Provides and exemption to any entity developing elderly affordable housing.
Increases insurance coverage for hearing aids from one thousand five hundred dollars to two thousand dollars, per ear, every three years for all people regardless of age.
Real Estate Conveyance Tax
Imposes a conveyance tax on purchasers, of single-family residential properties, who are for- profit entities with over $15,000,000 in assets, at a rate of $6.90/$500, to be collected for housing production fund established in ยง 42-128-2.1.