2025 Regular Session • Rhode Island Legislature
S1040: Creates new tax on gains from sale or exchange of real property held for short periods of time, 6 years or less, establishes a comprehensive framework to calculate and implement enforcement and provides imprisonment and/or fines for those who evade taxes.
Legislative Summary
TAXATION -- TAX ON GAINS FROM THE SALE OR EXCHANGE OF REAL PROPERTY - Creates new tax on gains from sale or exchange of real property held for short periods of time, 6 years or less, establishes a comprehensive framework to calculate and implement enforcement and provides imprisonment and/or fines for those who evade taxes.
Demographic Impact
Overall analysis of equity impact
Neutral
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Bill History
5/9/2025
Introduced, referred to Senate Finance
Senate
5/30/2025
Scheduled for hearing and/or consideration (06/03/2025)
Senate
Status Information
Current Status
Introduced(5/9/2025)
Chamber
Senate
Committee
Finance(Senate)
