Rhode Island Tax Div. Announces Tax Changes Effective Jan. 1, 2021

The Rhode Island Division of Taxation Dec. 30 announced individual income, corporate income, trust income, sales and use, excise, property, and estate tax changes, effective Jan. 1, 2021. The Tax Div. provided: 1) for decedents dying on or after Jan. 1, 2021, the estate tax credit amount will increase to $70,490 from $69,515 and the estate tax threshold will increase to $1,595,156 from $1,579,922; 2) the 2021 interest rates on overpayments and underpayments of taxes will be 3.25 percent and 18 percent, respectively; 3) for 2021, the taxable wage base for temporary disability insurance tax will increase to $74,000 from ...