Requires that the tax imposed be paid to the same municipalities.

Plain-English Summary

This bill deals with a tax that is charged when real estate (like a house or land) is sold or transferred from one owner to another — known as a real estate conveyance tax. Currently, this tax is collected and the money goes to the state. This bill would have required that the tax revenue be paid directly to the local municipality (city or town) where the property is located, rather than going to the state.

The change would have affected homebuyers, sellers, and local governments throughout Rhode Island. Property buyers and sellers would still pay the same tax — the bill doesn't change the tax rate or who owes it — but the destination of those tax dollars would shift from the state government to local communities. This could mean more funding available at the local level for town and city services.

It's worth noting that this bill was withdrawn at the sponsor's request, meaning the lawmaker who introduced it chose to pull it back before it could be voted on. It had been referred to the House Finance Committee but did not advance further. As a result, this bill has no current effect on state law.