This bill amends Section 44-30-12 of the General Laws to define the Rhode Island income of a resident individual and specify modifications to federal adjusted gross income. The bill includes a list of modifications that increase federal adjusted gross income, such as interest income on obligations of any state other than Rhode Island, and modifications that reduce federal adjusted gross income, such as interest income on obligations of the United States and its possessions.

Additionally, this bill adds a new exemption for a foreign service officer's pension, allowing taxpayers to subtract their pension benefits from their federal adjusted gross income for state tax purposes. This amendment would take effect upon passage of the bill. The overall goal of this bill is to provide clarity and specificity regarding the Rhode Island income of a resident individual and the modifications that should be made to federal adjusted gross income.

Statutes affected:
2067: 44-30-12