The bill amends Rhode Island's personal income tax laws, specifically Sections 44-30-2.6 and 44-30-2.7, to update the definition of "Rhode Island taxable income" and adjust tax rates and brackets for various filing statuses. It excludes certain increases in the standard deduction for married couples filing jointly and sets forth Rhode Island personal income tax rates as a percentage of federal income tax rates, with inflation adjustments starting from the tax year 2002. The bill also revises tax brackets and rates, removes the cap on taxes imposed on net capital gains for tax years ending before January 1, 2010, and imposes a tax on net capital gains beginning January 1, 2025. It outlines standard deduction amounts, including additional deductions for individuals aged 65 or older or blind, and limits the basic standard deduction for certain dependents. The bill includes updated figures for inflation adjustments and the removal of outdated figures or provisions. Furthermore, the bill details tax provisions and credits, including a credit against state tax for certain federal credits enacted before January 1, 1996, and specifies that no deduction is based on federal credits enacted after this date. It outlines the Rhode Island earned-income credit as a percentage of the federal credit, which varies by tax year and is refundable if it exceeds the state income tax. The bill also mandates recalculations and revisions every three years, introduces a "Non-Owner Occupied Property Tax" on residential properties valued at over one million dollars, and sets forth procedures for tax payments, returns, delinquencies, and record-keeping. It proposes changes to capital gains tax rates, reducing the holding period for assets to one year, and imposes a "carried interest fairness fee" on income from investment management services. The act is set to take effect on January 1, 2025, with certain sections effective July 1, 2024.