The bill amends the Rhode Island General Laws regarding Personal Income Tax, specifically altering the definition of "Rhode Island taxable income" to exclude certain increases in the basic standard deduction for married couples filing jointly. It sets Rhode Island personal income tax rates as a percentage of federal income tax rates, with inflation adjustments starting from the tax year 2002. For tax years beginning on or after January 1, 2006, an alternative flat tax rate option is available. The bill also removes the previous cap on taxes imposed on net capital gains for tax years ending before January 1, 2010, and for tax years beginning on or after January 1, 2024, it imposes a tax on net capital gains as per § 44-30-2.7. It outlines tax rates for various filing statuses, details the phase-out of itemized deductions and exemption amounts for higher-income taxpayers, and specifies the Rhode Island Earned-Income Credit (EIC) rates and refundability.

Furthermore, the bill changes the capital gains rates for assets held more than one year, with new rates set at 0.00% and 2.0% for different categories of net capital gains, a shift from the previous rates. It introduces a "carried interest fairness fee" of 19% on income from investment management services, contingent upon similar legislation in neighboring states. A new statewide tax on non-owner occupied residential properties with assessed values over one million dollars is also established to ensure these property owners contribute their fair share to state services. The bill includes provisions for tax return requirements, refund claims, delinquent tax payments, and record-keeping. Most sections of the act will take effect on January 1, 2024, with one section effective on July 1, 2023.