Representative Brian Rea Submits Estate Tax Reform Bill

2024 Legislation | Printer Friendly View

State House, Providence – Rhode Island House Representative Brian Rea (D 53) introduced legislation  (LC004847) to incrementally increase Rhode Island’s estate tax exemption threshold until it is equal to the federal estate tax exemption, which is projected to be $13.61M in 2024.

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Rhode Island has one of the most aggressive estate taxes in the region. In 2023, Rhode Island only exempted the first $1.7M of an estate. Beyond that point, the estate is taxed on a sliding scale of 0.8% - 16% based on the value of the estate after the exemption is applied. Introducing this legislation to increase the exemption threshold not only helps Rhode Island retirees, but also protects families of small business owners, whose assets on paper may put them beyond the exemption limit -- creating a financial burden on the surviving family members, who may have to sell off assets to be able to pay the associated tax.
 
“It is a disservice to the people of Rhode Island for the government to tax what has been gained during a lifetime of hard work,” said Representative Rea. “While paying taxes is our responsibility, double taxing decedents’ property is not only improper --some might say it is outright criminal. Rhode Island is among 12 or so states who still apply an estate tax. Maintaining this type of revenue stream is not forward-thinking, as it creates an exodus of knowledge and experience within our well-to-do and senior populations. It can also be argued that this tax stifles economic growth and suppresses wages.”

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​The 2023 Rhode Island House of Representatives Minority Caucus (Republican) is comprised of the following elected members representing constituents who live in the following districts throughout the Ocean State: Minority Leader, Michael Chippendale, District 40 (Foster, Glocester, Coventry); Minority Whip David Place, District 47 (Burrillville, Glocester); Representative George Nardone, District 28 (Coventry); Representative Brian Newberry, District 48 (North Smithfield, Burrillville); Representative Robert Quattrocchi, District 41 (Scituate, Cranston); Representative Sherry Roberts, District 29 (Coventry, West Greenwich) Representative Brian Rea, District 53 (Glocester, Smithfield). For more information on the House Minority Caucus, please visit www.rihousegop.org 

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