The bill amends Section 44-30-12 of the General Laws in Chapter 44-30, which pertains to personal income tax for Rhode Island residents. 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 is intended to provide financial relief to individuals burdened by student loan debt. The bill specifies that this change will be effective for tax years beginning on or after January 1, 2025. Additionally, the bill includes a deletion of a previous provision regarding rebates issued to taxpayers under a specific section of the law. The act is set to take effect upon passage.

Statutes affected:
5759: 44-30-12