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 a new modification that allows taxpayers to subtract payments of interest on student loans from their federal adjusted gross income, effective for tax years beginning on or after January 1, 2027. The act specifies that the amount subtracted will be equal to the payments of interest made for the satisfaction of outstanding student loans. The bill does not remove any provisions related to rebates issued to taxpayers under Section 44-30-103. The act will take effect upon passage.

Statutes affected:
7314: 44-30-12