The bill amends Section 44-30-2.6 of the General Laws in Chapter 44-30, which governs Rhode Island's personal income tax. It introduces a new provision for investment tax credits, effective for tax year 2026 and thereafter, allowing eligible Sub-S corporation shareholders and limited liability company members of manufacturers to pass through these credits to their personal income tax returns. Eligibility for these credits is based on specific criteria related to the North American Industrial Classification System (NAICS) code and the payment of wages greater than the average annual wage paid to all manufacturing workers in Rhode Island within the same three-digit NAICS code.

The bill also maintains existing provisions regarding the Rhode Island earned-income credit and specifies that no other state and federal tax credits will be available for taxpayers under this chapter, except those explicitly mentioned. The act is set to take effect upon passage.

Statutes affected:
6009: 44-30-2.6