2012 -- S 2110

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LC00658

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO TAXATION - PROPERTY SUBJECT TO TAXATION

     Introduced By: Senator Beatrice A. Lanzi

     Date Introduced: January 18, 2012

     Referred To: Senate Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-3-38 of the General Laws in Chapter 44-3 entitled "Property

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Subject to Taxation" is hereby amended to read as follows:

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     44-3-38. Transfer of property to trust. -- Any exemption, freeze of tax rates and/or

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valuation granted to any individual or individuals pursuant to this chapter is not affected if the

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eligible individuals transfer the property to a revocable or irrevocable living trust.

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     SECTION 2. This act shall take effect upon passage.

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LC00658

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION - PROPERTY SUBJECT TO TAXATION

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     This act would provide that any exemption or freeze of tax rate and/or valuation granted

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to any individual is not affected if such eligible individual transfers the subject property to an

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irrevocable living trust.

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     This act would take effect upon passage.

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LC00658

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