Reduction of Long-Term Capital Gains Tax

All capital assets purchased prior to January 1, 2002 and sold on or after January 1, 2007, shall be deemed to have a holding period beginning January 1, 2002. For tax years beginning in 2007, for those assets held longer than five (5) years, the Rhode Island capital gains tax rate will be 8.33% of the Federal capital gains rate in effect prior to the enactment of the federal Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA). Thereafter, the rate will be 1.67%. RI General Law: http://www.rilin.state.ri.us/Statutes/TITLE44/44-30/44-30-2.7.HTM

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