Rhode Island Estate Tax Revisions Yesterday afternoon, the Governor signed into law the 2014-2015 fiscal year budget. The budget implements several tax changes, including a decrease in the corporate tax rate from 9% to 7%. In the estate planning arena, Rhode Islands estate exemption amount is effectively increased to $1,500,000 for all decedents dying on or after January 1, 2015. This is an increase from the 2014 exemption amount of $921,655. The new exemption amount will continue to be adjusted annually for inflation in accordance with the Consumer Price Index for all Urban Consumers (CPI-U). Additionally, the new estate tax provision eliminates the so-called cliff-tax wherein the estate is taxed on its entire value if the value exceeds the exemption amount by even one dollar ($1.00). Sixteen states implement a state estate tax. Rhode Islands new exemption amount now falls squarely between Connecticuts 2014 exemption amount ($2,000,000) and that of Massachusetts ($1,000,000).
Posted on: Fri, 20 Jun 2014 13:08:01 +0000
Trending Topics
Recently Viewed Topics
© 2015