Bill

Bill > H6010


RI H6010

RI H6010
Allows the city of Providence to impose an additional conveyance tax of three quarters of one percent (0.75%) on sale of any real property in excess of one million dollars ($1,000,000).


summary

Introduced
02/28/2025
In Committee
02/28/2025
Crossed Over
Passed
Dead
06/20/2025

Introduced Session

2025 Regular Session

Bill Summary

This act would authorize the city of Providence to impose an additional conveyance tax of three quarters of one percent (0.75%) on the sale of any real property in excess of one million dollars ($1,000,000). This act would take effect upon passage.

AI Summary

This bill allows the city of Providence to impose an additional conveyance tax of three-quarters of one percent (0.75%) on real estate sales where the sale price exceeds one million dollars ($1,000,000). Conveyance taxes are essentially transaction fees paid when property is transferred from one owner to another. The new tax would be paid by the property seller (unless otherwise agreed) at the time the property sale is executed, recorded, or delivered. The tax would only apply to property sales within Providence city limits and would be retained by the city to generate additional local revenue. The bill amends an existing state law governing real estate conveyance taxes by adding a new subsection (h) to section 44-25-1 that specifically authorizes Providence to implement this additional local tax. The tax is optional, meaning the city would need to pass a local ordinance to actually implement it, and it would apply to the entire sale price above $1 million. The bill includes standard language stating that it will take effect immediately upon passage.

Committee Categories

Budget and Finance

Sponsors (6)

Last Action

Committee postponed at request of sponsor (05/13/2025) (on 05/09/2025)

bill text


bill summary

Loading...

bill summary

Loading...

bill summary

Loading...