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 will take effect on January 1, 2025, stating that for tax years beginning on or after January 1, 2026, all taxable social security income will be included in the federal adjusted gross income. The bill also outlines various modifications to federal adjusted gross income, including specific provisions related to tuition savings programs, unemployment compensation, and military service pensions. Additionally, it establishes a modification for taxable retirement income from certain pension plans or annuities, allowing for significant deductions based on the taxpayer's age and income level. The bill includes a modification for investments in Rhode Island opportunity zones and specifies that any expenditures eligible for federal income tax deductions but disallowed under federal law will be considered for state tax purposes. Overall, the bill aims to adjust the personal income tax framework in Rhode Island to better accommodate various income sources and taxpayer circumstances.

Statutes affected:
409: 44-30-12