RI S2361

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

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

Defines residents as individuals domiciled in Rhode Island or present in the state more than 183 days per year, and artificial persons (corporations, LLCs, partnerships, trusts) domiciled in the state

Requires electronic filing by April 15th annually, with penalties of 5% per month (up to 25%) for late filing and valuation understatement penalties of 30-50% for substantial misreporting

Mandates Department of Revenue audits of at least 10% of registered taxpayers in 2027, increasing to 15% in 2028 and 20% in 2029 and thereafter