PROVIDENCE – The R.I. Division of Taxation recently issued an announcement summarizing the tax changes that took effect at the start of 2022.
Many apply to the upcoming year and therefore will not affect tax returns filed for the 2021 year, according to Tax Administrator Neena Savage.
They include:
- Real estate conveyance tax: As of Jan. 1, an additional $2.30 tax will apply to every $500 of property transactions above $800,000. This is on top of the $2.30 tax for every $500 of the transaction, so that all $500 increments above $800,000 will be taxed at $4.60 per $500.
- Estate tax credit: The Rhode Island estate tax credit will be $74,300 for those who die after Jan. 1, 2022, up from $70,490 for those who died in the calendar year 2021. This means the tax threshold that exempts people from paying the Rhode Island estate tax also increases, from $1.60 million to $1.65 million.
- Paycheck Protection Program taxes: Taxes on PPP loans over $250,000 must be paid in full on or before March 31. A new form was made available on the Division of Taxation website for eligible loan recipients.
- Sales tax permits: People who apply for sales tax permits on or after July 1, 2022, will no longer have to pay the $10 application fee. The $10 renewal fee has also been waived for permit periods after this date.
More information on policy changes and making tax payments is available on the Division of Taxation website.
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Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
