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RI S2697
Bill
Status
2/27/2026
Primary Sponsor
Victoria Gu
Click for details
AI Summary
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Municipalities may impose an additional conveyance tax on residential property sales exceeding $900,000 (or higher amount set by local ordinance) at a rate of up to $10.00 per $500 of the amount above the 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 individuals or families at or below 80% of area median income.
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Municipalities must establish a local affordable housing board to oversee the restricted funds and allocate them within 5 years; unallocated funds after 5 years transfer to the Rhode Island Department of Housing.
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Alternatively, municipalities may transfer collected taxes within 2 years to the Housing Resources Commission, RI Department of Housing, or Rhode Island Housing for affordable housing development within that community.
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The act takes effect upon passage.
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 Housing and Municipal Government
2/27/2026