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 an eligible employee's ABLE account. This credit allows a maximum of two thousand dollars ($2,000) per employee, per year.

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 an eligible employee's ABLE account, with the same maximum credit of two thousand dollars ($2,000) per employee, per year.

The act is set to take effect upon passage.

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