The bill amends the Rhode Island General Laws concerning personal income tax, specifically addressing the definition of "Rhode Island taxable income" and the state's personal income tax rates. It excludes the increase in the basic standard deduction for married couples filing jointly from the Rhode Island taxable income and sets the state's tax rates as a percentage of the federal rates prior to the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The bill also revises the calculation of the Rhode Island alternative minimum tax (AMT) and provides updated tax rate tables for various filing statuses. It includes insertions and deletions, such as removing provisions on maximum capital gains rates before January 1, 2010, and adding new language for additional tax on net capital gains for tax years beginning on or after January 1, 2025.

Furthermore, the bill details the phase-out of itemized deduction limitations and exemption amounts, the treatment of unearned income for minors, and the averaging of farm income. It defines the cost-of-living adjustment based on the consumer price index (CPI) and specifies the rounding rules for tax increases. The bill outlines the eligibility for Rhode Island tax credits, including the Rhode Island earned-income credit, which is a percentage of the federal credit. It also introduces a new "Non-Owner Occupied Property Tax" for residential properties valued at over one million dollars, with specified tax rates based on the property's assessed value. The bill includes provisions for the payment schedule of tax installments, the filing of tax returns, the handling of delinquent payments, and the requirement for taxpayers to keep records. The act is set to take effect on January 1, 2025, with certain sections effective from July 1, 2024, and it also proposes changes to capital gains tax rates and introduces a tax on investment management services interest.