AN ACT RELATING TO TAXATION -- WEALTH TAX

HB 7595 would impose a 1% tax on the worldwide wealth of Rhode Island residents, effective January 1, 2027. It applies to individuals and businesses (defined as "artificial persons") with significant assets like stocks, business ownership, and intellectual property. The tax is calculated annually based on the fair market value of these assets as of December 31 each year. This directly affects high-net-worth residents and entities domiciled in Rhode Island, excluding certain exempt intangible assets.