Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 10 - Withholding Tax
Part 1 - Withholding Tax on the Sale of Real Property by Nonresidents (280-RICR-20-10-1)
Section 280-RICR-20-10-1.13 - Sales/Transfers of Property by Exempt Organizations

Universal Citation: 280 RI Code of Rules 20 10 1.13

Current through September 18, 2024

A. Sales/transfers of property by organizations which are exempt from taxation under provisions of the Internal Revenue Code, or by their charter, are exempt from the withholding provisions of R.I. Gen. Laws § 44-30-71.3. The buyer may rely on the seller's determination of exempt status only if seller furnishes the buyer with a notarized Affidavit of Exempt Seller (NRWXMPT) signed under penalties of perjury. If a deed contains a recitation of exempt status by the seller, the recording of such deed shall in all instances discharge the lien imposed by R.I. Gen. Laws § 44-30-71.3(c).

B. Provided, however, that when property is sold/transferred by the following named organizations only, no Affidavit of Exempt Seller need be executed nor is a recital of exempt status required in the deed so long as said exempted entities are fully identified in the granting clause of the deed in question. Such entities include:

1. The Federal Deposit Insurance Corporation

2. The Resolution Trust Corporation

3. Rhode Island Housing and Mortgage Finance Corporation

4. Board of Governors of the Federal Reserve System

5. Federal Reserve Bank

6. Federal Home Loan Bank

7. Comptroller of the Currency

8. The Office of Thrift Supervision

9. The National Credit Union Administration Board

10. The Farm Credit Administration

11. The Farm Credit System Insurance Corporation

12. The Small Business Administration

13. The Federal National Mortgage Association

14. The Federal Home Loan Mortgage Corporation

15. The Government National Mortgage Association

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.