AN ACT RELATING TO TAXATION -- WEALTH TAX

HB 6290 proposes a new wealth tax in Rhode Island, directly affecting both individuals and various business entities considered residents of the state. Beginning January 1, 2026, it imposes a one percent (1%) tax on a resident's "taxable worldwide wealth." This wealth is defined as the fair market value of all intangible assets, such as cash, investments, patents, and trademarks, owned or controlled by the resident. Residents will be required to file annual returns by April 15th to report their wealth from the preceding calendar year.