Rhode Island · 2025 Regular Session · Bill
SB 1040: AN ACT RELATING TO TAXATION -- TAX ON GAINS FROM THE SALE OR EXCHANGE OF REAL PROPERTY
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 1040 is a bill introduced in the Rhode Island Senate on May 9, 2025. According to its official title, it concerns: AN ACT RELATING TO TAXATION -- TAX ON GAINS FROM THE SALE OR EXCHANGE OF REAL PROPERTY. Primary sponsor: Victoria Gu (Democratic), Sam Bell (Democratic), Dawn Euer (Democratic). Most recent recorded action (June 3, 2025): 06/03/2025 Committee recommended measure be held for further study.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
Creates new tax on gains from sale or exchange of real property held for short periods of time, 6 years or less, establishes a comprehensive framework to calculate and implement enforcement and provides imprisonment and/or fines for those who evade taxes.
Sponsors
Sponsors by party (alphabetical): Democratic 3
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Victoria Gu | Primary sponsor | Democratic | Senate | 38 |
| Sam Bell | Primary sponsor | Democratic | Senate | 5 |
| Dawn Euer | Primary sponsor | Democratic | Senate | 13 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- 06/03/2025 Committee recommended measure be held for further study
- 05/30/2025 Scheduled for hearing and/or consideration (06/03/2025)
- 05/09/2025 Introduced, referred to Senate Finance