RI Division of Taxation Announces Estate Tax Changes

Rhode Island Estate Tax Threshold Increased

The Rhode Island Division of Taxation has announced that the estate tax threshold for the estates of decedents dying in 2012 will be increased to $892,865.  This is a 3.9% increase over the current threshold of $859,350.

Rhode Island state law requires that the threshold amount be adjusted each January, based on annual inflation, compounded annually, and rounded to the nearest $5 increment.

Generally speaking, for a person dying in 2012, his or her net taxable estate, if valued at $892,865 or less, will not be subject to Rhode Island’s estate tax.  Rhode Island’s General Laws Chapter 44-22 provides full details on the computation of the estate tax, including such factors as the marital and charitable deductions.
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