The bill amends the Rhode Island General Laws regarding personal income tax, specifically addressing the definition of "Rhode Island taxable income," tax rates, standard deductions, and the alternative minimum tax (AMT). It excludes the increase in the basic standard deduction amount for married couples filing jointly from the definition of Rhode Island taxable income and sets Rhode Island personal income tax rates as a percentage of federal income tax rates prior to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), with inflation adjustments starting in the tax year 2002. The bill also revises the tax rates for different filing statuses, adjusts these rates for inflation, and replaces the previous maximum capital gains rates with a new provision effective for tax years beginning on or after January 1, 2025. Additionally, it details the standard deduction amounts, including an additional deduction for individuals who are aged 65 or older or blind, and outlines the phase-out of itemized deductions and exemption amounts for high-income individuals.

Furthermore, the bill specifies tax credits available to Rhode Island taxpayers, including a credit for certain federal credits enacted prior to January 1, 1996, and a credit for taxpayers who adopt a child from the Rhode Island Department of Children, Youth, and Families. It also adjusts the Rhode Island earned-income credit percentages for various tax years and allows for a refundable credit if the credit exceeds the state income tax owed. The bill mandates the tax administrator to recalculate and submit revisions every three years. It defines the cost-of-living adjustment based on the consumer price index and lists the credits allowed against tax for years beginning on or after January 1, 2011. The bill introduces a 19% "carried interest fairness fee" on income from investment management services, contingent on similar legislation in neighboring states, and adds a new chapter imposing a statewide tax on non-owner occupied residential properties valued at one million dollars or more. The bill also includes changes to the payment schedule for tax installments, the filing process, and the handling of delinquent tax payments, with most sections taking effect on January 1, 2025, and one section on July 1, 2024.