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RI S2232
Bill
Status
1/23/2026
Primary Sponsor
Victoria Gu
Click for details
AI Summary
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Municipalities may impose an additional conveyance tax of up to $10.00 per $500 on residential property sales exceeding $900,000, applicable only to the portion above that threshold
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Tax revenue collected under the new municipal option must be deposited into restricted accounts and used exclusively for creating affordable housing serving households at or below 80% of area median income
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Municipalities must allocate the restricted funds within 5 years or transfer them to the Rhode Island Department of Housing for affordable housing development in that community
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Municipalities are required to maintain a local affordable housing board to oversee the restricted account funds and include the allocation process in their local comprehensive plan
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As an alternative, municipalities may transfer collections within 2 years to the housing resources commission, RI Department of Housing, or Rhode Island Housing for affordable housing development in their community
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 Senate Finance
1/23/2026