Rhode Island Fiscal 2022 Budget Bill Adds Real Estate Conveyance Tax

Rhode Island H. 6122-A, the fiscal 2022 budget bill signed into law as Chapter 162, requires any amount of federal Paycheck Protection Program loan forgiveness above $250,000 to be included in an entity's income for Rhode Island tax purposes; continues the phase-out of the motor vehicle excise tax; imposes a new real estate conveyance tax of $2.30 per $500 portion in consideration that is paid in excess of $800,000 for the purchase of property or interest in an acquired real estate company; increases the cap on the state's motion picture production tax credit from $20 million to $30 million for the 2022 tax year; and extends to December 31, 2022, various state tax credit programs, including the Stay Invested in RI Wavemaker Fellowship program and the Rhode Island Tax Increment Financing program.