AN ACT RELATING TO TAXATION -- ESTATE AND TRANSFER TAXES -- LIABILITY AND COMPUTATION

HB 5783 modifies the state's estate and transfer tax laws, directly affecting the estates of individuals who pass away on or after January 1, 2026. The bill increases the net taxable estate exemption to four million dollars ($4,000,000). This means that estates valued at or below this amount will not be subject to the state's estate tax. Additionally, a Rhode Island credit against the estate tax will be adjusted annually for inflation, starting on January 1, 2027.