The bill amends Section 44-30-12 of the General Laws in Chapter 44-30, which pertains to Rhode Island's personal income tax. It introduces new legal language that specifies the effective date of January 1, 2025, for the definition of Rhode Island income for resident individuals. The bill modifies the thresholds for the federal adjusted gross income (AGI) concerning taxable Social Security income. Specifically, for tax years beginning on or after January 1, 2025, the income thresholds for individuals and married couples filing jointly will increase to $125,000 and $170,000, respectively, for those who have attained the age used for calculating full or unreduced Social Security retirement benefits.

The act also amends references to the federal adjusted gross income as it pertains to the modification of taxable retirement income from certain pension plans or annuities. The act is set to take effect upon passage.

Statutes affected:
776: 44-30-12