The bill amends Section 44-11-2 of the General Laws in Chapter 44-11, which governs the Business Corporation Tax, by introducing a tax credit for employers who contribute to an eligible employee's ABLE account, allowing a maximum credit of two thousand dollars ($2,000) per employee, per year. This credit is aimed at promoting savings for individuals with disabilities.

Additionally, the bill amends Section 44-30-2.6 concerning Rhode Island taxable income and personal income tax rates. It maintains the existing tax structure while aligning definitions and calculations with federal tax laws. The bill specifies tax rates for various income brackets for married individuals, heads of households, unmarried individuals, and estates or trusts, with provisions for inflation adjustments.

Overall, the bill seeks to provide tax relief for corporations and individuals while enhancing financial independence for individuals with disabilities through the new ABLE account credit. The act would take effect upon passage.

Statutes affected:
6008: 44-11-2, 44-30-2.6