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 provisions that modify the calculation of a resident individual's income for tax purposes. Specifically, it adds a new modification allowing taxpayers to subtract from their federal adjusted gross income an amount equal to payments of interest on outstanding student loans, effective for tax years beginning on or after January 1, 2027. The bill also includes an insertion regarding the modification for payment of interest on student loans. The act is set to take effect immediately upon passage.

Statutes affected:
2673: 44-30-12