RI H7595

Imposes a 1% annual tax on taxable worldwide wealth of Rhode Island residents, beginning January 1, 2027, with first payments due in 2028

Exempts the first $25 million in financial intangible assets per taxpayer (spouses/domestic partners counted as one taxpayer), as well as nonfinancial intangible assets, U.S. and Rhode Island government obligations, and property already subject to ad valorem taxation

Applies to natural persons domiciled in Rhode Island or present more than 183 days per year, and to artificial persons (corporations, LLCs, partnerships, trusts) domiciled in the state

Requires mandatory joint filing for spouses and domestic partners, with returns due April 15th and electronic filing required

Mandates the Department of Revenue audit at least 10% of registered taxpayers in 2027, increasing to 15% in 2028 and 20% in 2029 and thereafter, with penalties of 30-50% for substantial valuation understatements