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RI H8193
Bill
Status
2/27/2026
Primary Sponsor
Michelle McGaw
Click for details
AI Summary
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Municipalities may enact local ordinances imposing an additional conveyance tax of up to $10 per $500 on residential real property sales exceeding $900,000 (or a higher threshold set by ordinance)
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Revenue from the municipal tax must be deposited into restricted accounts and used exclusively for creating affordable housing serving individuals or families at or below 80% of area median income
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Municipalities must maintain a local affordable housing board to oversee funds and allocate them within 5 years; unallocated funds transfer to the Rhode Island Department of Housing
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Alternatively, municipalities may transfer tax collections within 2 years to the housing resources commission, RI Department of Housing, or Rhode Island Housing for affordable housing development in that community
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The existing state conveyance tax threshold of $800,000 for residential property will be adjusted annually for inflation based on the Consumer Price Index beginning January 1, 2026
Legislative Description
Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.
Taxation
Last Action
Introduced, referred to House Finance
2/27/2026