Rhode Island § 44-25-2 - Real Estate Conveyance Tax

§ 44-25-2. Exemptions.

(a) The tax imposed by this chapter does not apply to any instrument or writing given to secure a debt.

(b) The tax imposed by this chapter does not apply to any deed, instrument, or writing wherein the United States, the state of Rhode Island, or its political subdivisions are designated the grantor.

(c) The tax imposed by this chapter does not apply to any deed, instrument, or writing that has or shall be executed, delivered, accepted, or presented for recording in furtherance of, or pursuant to, that certain master property conveyance contract dated December 29, 1982, and recorded in the land evidence records of the city of Providence on January 27, 1983, at 1:30 p.m. in book 1241 at page 849, and relating to the capital center project in the city of Providence.

(d) The qualified sale of a mobile or manufactured home community to a resident-owned organization as defined in § 31-44-1 is exempt from the real estate conveyance tax imposed under this chapter.

(e) No transfer tax or fee shall be imposed by a land trust or municipality upon the acquisition of real estate by the state of Rhode Island or any of its political subdivisions.

(f) Nothing in § 44-25-1 shall be construed to impose a tax upon any grant, assignment, transfer, conveyance, or vesting of any interest, direct or indirect, among owners, members, or partners in any real estate company with respect to an affordable housing development where:

(1) The housing development has been financed in whole or in part with federal low-income housing tax credits pursuant to § 42 of the Internal Revenue Code [26 U.S.C. § 42]; or

(2) At least one of the owners, members, or partners of the company is a Rhode Island nonprofit corporation or an entity exempt from tax under § 501(c)(3) of the Internal Revenue Code, or is owned by a Rhode Island nonprofit corporation or an entity that is exempt from tax under § 501(c)(3) of the Internal Revenue Code, and the housing development is subject to a recorded deed restriction or declaration of land use restrictive covenants in favor of the Rhode Island housing and mortgage finance corporation, the state of Rhode Island housing resources commission, the federal home loan bank or any of its members, or any other state or local government instrumentality under an affordable housing program. No such real estate company shall be an acquired real estate company under this section.