Rhode Island 2019 Regular Session Status: In Committee 3 D cosponsors

SB 56 — AN ACT RELATING TO TAXATION -- PERSONAL INCOME TAX (Establishes a nineteen percent (19%) carried interest fairness fee for investment management services in order to tax the carried interest income of hedge fund and private equity investors as traditional ordinary earned income.)

Last action — 06/06/2019 Committee recommended measure be held for further study

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

This bill proposes a new tax rate of 19% on certain profits earned by hedge fund and private equity investors, treating those profits like regular income instead of a lower tax rate. The goal is to ensure that these high-earning investment managers pay a fairer share of taxes on their earnings.

Bill Text

We don't have the full text on file for this bill yet.

Read SB 56 on the official Rhode Island source →

Action History

  1. 06/06/2019 Committee recommended measure be held for further study

  2. 05/31/2019 Scheduled for hearing and/or consideration (06/06/2019)

  3. 01/16/2019 Introduced, referred to Senate Finance

Sponsors

Sponsorship breakdown

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5 sponsors · 0 co-sponsors · 109 not signed on

Sponsors (5)

Co-sponsors (0)

None.

Not signed on (109)

109 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does SB 56 do?
This bill proposes a new tax rate of 19% on certain profits earned by hedge fund and private equity investors, treating those profits like regular income instead of a lower tax rate. The goal is to ensure that these high-earning investment managers pay a fairer share of taxes on their earnings.
Who sponsors SB 56?
SB 56 is sponsored by Miller, Satchell, Dawn Euer (Democratic), Valarie J. Lawson (Democratic), and Bridget Valverde (Democratic).
What is the current status of SB 56?
This bill died with 2019 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 56?
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