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

HB 7312 would increase Rhode Island's estate tax exemption to $15 million for estates of people who die on or after January 1, 2027. This means estates valued below $15 million would not owe state estate tax, directly affecting high-value estates (over $15 million) of decedents after 2026. The bill sets the new exemption threshold and requires annual inflation adjustments starting January 1, 2028, using the Consumer Price Index. It does not change tax rates but raises the point at which state estate tax applies.