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Benzinga
Benzinga
Business
Shomik Sen Bhattacharjee

'Taylor Swift Tax' Targets Rhode Island Real Estate Owners With More Closing Taxes And Penalties If They Leave Seasonal Homes Vacant

Performer,Taylor,Swift,Attends,The,Red,Carpet,At,The,2018

Rhode Island lawmakers want to balance next year's budget with a pair of real-estate levies that critics have nicknamed the "Taylor Swift tax," citing the pop star's $17 million Watch Hill mansion as an example of who would pay.

What Happened: According to a report by NBC 10 News, the House plan would slap a new surcharge on second or seasonal homes valued above $1 million and raise the statewide conveyance tax that sellers pay at closing by 63%.

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