The bill amends Section 44-30-12 of the General Laws in Chapter 44-30, which pertains to personal income tax for resident individuals in Rhode Island. It introduces new provisions that gradually phase in modifications to federal adjusted gross income for social security income over a four-year period, starting from January 1, 2026. Specifically, individuals will be able to subtract 20% of their social security income in 2026, increasing to 40% in 2027, 60% in 2028, and reaching 80% by 2029.

The act is designed to provide tax relief to residents by allowing for greater deductions on social security income. It will take effect upon passage.

Statutes affected:
5474: 44-30-12