Bill > H7702

This bill amends Rhode Island's personal income tax law to allow individuals to reduce their state taxable income by the amount of Social Security benefits that are subject to federal income tax, starting with tax years beginning on or after January 1, 2027. Currently, Rhode Island's tax code allows for certain modifications that can either increase or decrease an individual's federal adjusted gross income to arrive at their Rhode Island adjusted gross income. This bill adds a new provision to the section that allows for modifications reducing federal adjusted gross income, specifically including all taxable Social Security income for state tax purposes, regardless of income level or filing status, which is a change from the existing tiered system based on income and filing status. The bill also states that it will take effect upon passage.

Budget and Finance

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