Rhode Island Tax Div. Announces Sales, Excise, Estate, Income Tax Changes Effective for 2022

The Rhode Island Division of Taxation Dec. 24 announced individual income, corporate income, sales and use, excise, and estate tax changes, effective for tax years beginning on or after Jan. 1, 2022. The announcement explains: 1) the estate tax credit amount increases to $74,300 from $70,490 and the threshold increases to $1,648,611 from $1,595,156 for decedents dying on or after Jan. 1, 2022; 2) an additional $2.30 real estate conveyance tax applies for each $500 paid above $800,000 for the purchase of property or interest in an acquired real estate company; 3) taxpayers must include an increment above $250,000 in ...