§ 44-22-1.1 - Tax on net estate of decedent.
SECTION 44-22-1.1
§ 44-22-1.1 Tax on net estate of decedent.– (a) For decedents whose death occurs on or after January 1, 1992, but prior toJanuary 1, 2002, a tax is imposed upon the transfer of the net estate of everyresident or nonresident decedent as a tax upon the right to transfer. The taxis a sum equal to the maximum credit for state death taxes allowed by 26 U.S.C.§ 2011.
(2) For decedents whose death occurs on or after January 1,2002, but prior to January 1, 2010 a tax is imposed upon the transfer of thenet estate of every resident or nonresident decedent as a tax upon the right totransfer. The tax is a sum equal to the maximum credit for state death taxesallowed by 26 U.S.C. § 2011 as it was in effect as of January 1, 2001;provided, however, that the tax shall be imposed only if the net taxable estateshall exceed six hundred seventy-five thousand dollars ($675,000). Anyscheduled increase in the unified credit provided in 26 U.S.C. § 2010 ineffect on January 1, 2001, or thereafter, shall not apply.
(3) For decedents whose death occurs on or after January 1,2010, a tax is imposed upon the transfer of the net estate of every resident ornonresident decedent as a tax upon the right to transfer. The tax is a sumequal to the maximum credit for state death taxes allowed by 26 U.S.C. §2011 as it was in effect as of January 1, 2001; provided, however, that the taxshall be imposed only if the net taxable estate shall exceed eight hundred andfifty thousand dollars ($850,000); provided, further, beginning on January 1,2011 and each January 1 thereafter, said amount shall be adjusted by thepercentage of increase in the Consumer Price Index for all Urban Consumers(CPI-U) as published by the United States Department of Labor Statisticsdetermined as of September 30 of the prior calendar year; said adjustment shallbe compounded annually and shall be rounded up to the nearest five dollar($5.00) increment. Any scheduled increase in the unified credit provided in 26U.S.C. § 2010 in effect on January 1, 2003, or thereafter, shall not apply.
(b) If the decedent's estate contains property having a taxsitus not within the state, then the tax determined by this section is reducedto an amount determined by multiplying the tax by a fraction whose numerator isthe gross estate excluding all property having a tax situs not within the stateat the decedent's death and whose denominator is the gross estate. Indetermining the fraction, no deductions are considered and the gross estate isnot reduced by a mortgage or other indebtedness for which the decedent's estateis not liable.
(c) The terms "gross taxable estate", "federal gross estate"or "net taxable estate" used in this chapter or chapter 23 of this title hasthe same meaning as when used in a comparable context in the laws of the UnitedStates, unless a different meaning is clearly required by the provisions ofthis chapter or chapter 23 of this title. Any reference in this chapter orchapter 23 of this title to the Internal Revenue Code or other laws of theUnited States means the Internal Revenue Code of 1954, 26 U.S.C. § 1 etseq.
(2) For decedents whose death occurs on or after January 1,2002, the terms "gross taxable estate" "federal gross estate" or "net taxableestate" used in this chapter or chapter 23 of this title has the same meaningas when used in a comparable context in the laws of the United States, unless adifferent meaning is clearly required by the provisions of this chapter orchapter 23 of this title. Any reference in this chapter or chapter 23 of thistitle to the Internal Revenue Code or other laws of the United States means theInternal Revenue Code of 1954, 26 U.S.C. § 1 et seq., as they were ineffect as of January 1, 2001, unless otherwise provided.
(d) All values are as finally determined for federal estatetax purposes.
(e) Property has a tax situs within the state of Rhode Island:
(1) If it is real estate or tangible personal property andhas actual situs within the state of Rhode Island; or
(2) If it is intangible personal property and the decedentwas a resident.