The bill amends Section 44-11-2 of the General Laws in Chapter 44-11, which governs the Business Corporation Tax, by introducing a new tax credit for employers who contribute to eligible employees' ABLE accounts. This credit allows for a maximum of two thousand dollars ($2,000) per employee, per year, for contributions made to an eligible employee's ABLE account, established pursuant to 42-7.2-20.3.

Additionally, the bill amends Section 44-30-2.6 concerning Rhode Island taxable income and personal income tax rates, allowing for the same tax credit for contributions to ABLE accounts for personal income tax purposes. The provisions aim to incentivize contributions to ABLE accounts, ultimately enhancing support for individuals with disabilities. The act would take effect upon passage.

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