AN ACT RELATING TO TAXATION -- WEALTH TAX

SB 779 would impose a 1% tax on the worldwide value of intangible assets owned by Rhode Island residents, including both individuals and businesses, starting January 1, 2026. The tax applies to assets like stocks, patents, trademarks, copyrights, and financial investments as of December 31 each year, calculated using fair market value. Residents would file annual returns by April 15th reporting their taxable wealth, which excludes certain assets like real estate. The bill defines "intangible assets" broadly to include both financial investments and non-financial property such as trade secrets or business reputation.