The bill has been nicknamed the “Taylor Swift Tax” on social media. In 2024, nearly one in four residential transactions involved buyers from other states, according to the Real Estate Institute of Rhode Island. This isn’t the first time the “Taylor Swift Tax” has been proposed. The tax has potential impacts for owners who open their second homes in Rhode Island for short-term rentals on sites like Airbnb. On social media several people were in support of the “Taylor Swift Tax,” with sentiments of “tax the rich” and “every state should do this” floating around in comment sections.