The bill amends Section 44-30-12 of the General Laws in Chapter 44-30, which pertains to Rhode Island's personal income tax. A significant insertion in the bill is the provision allowing individuals to subtract up to twenty-five thousand dollars ($25,000) of social security income from their federal adjusted gross income for tax years beginning on or after January 1, 2026. This change aims to provide tax relief to residents by reducing the taxable income derived from social security benefits.

The bill also specifies that for tax years beginning on or after January 1, 2016, through December 31, 2025, certain modifications to federal adjusted gross income will apply. The act is designed to enhance the tax framework in Rhode Island and will take effect upon passage.

Statutes affected:
2366: 44-30-12