The bill amends Section 44-30-12 of the General Laws in Chapter 44-30, which pertains to Rhode Island's personal income tax. It introduces a new provision that allows taxpayers to subtract from their federal adjusted gross income an amount equal to the payments of interest made on outstanding student loans. This modification aims to provide financial relief to individuals burdened by student loan debt. The bill specifies that this change will take effect on January 1, 2025. Additionally, the bill includes a deletion of a previous provision regarding certain modifications to income, indicating a shift in how specific income adjustments are handled.

Statutes affected:
5759: 44-30-12