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Rhode Island’s estate tax provides revenues for programs and services critical to a strong economic foundation for the Ocean State. In 2014, the General Assembly increased the estate tax exemption to $1.5 million (an amount which has increased, due to inflation adjustments, to $1,561,719). In the four years since this change, Rhode Island has foregone $103.2 million in revenues through the estate tax.
Legislation aiming to erode or eliminate Rhode Island’s already narrow Estate Tax, would deprive our Treasury of much-needed revenues, and make our current inequitable tax structure even more inequitable. Should the Estate Tax be repealed altogether, Rhode Island stands to lose something on the order of a half-billion dollars in revenues over the next decade.
We have created a quick infographic outlining why repealing or eliminating the Estate Tax would hurt Rhode Island.