This bill amends Section 44-30-12 of the General Laws to define the Rhode Island income of a resident individual as their adjusted gross income for federal income tax purposes, with certain modifications. The bill includes a list of modifications that increase federal adjusted gross income, such as interest income on obligations of any state other than Rhode Island, interest or dividend income on obligations or securities of the United States, and nonqualified withdrawals from a tuition savings program. The bill also includes modifications that reduce federal adjusted gross income, such as interest income on obligations of the United States and its possessions and contributions made to a tuition savings program.

Additionally, this bill proposes to adjust the income thresholds for certain tax benefits based on age and income level. It also allows for the inclusion of all social security income in federal adjusted gross income for tax years beginning on or after January 1, 2024. The bill would take effect upon passage.

Statutes affected:
84: 44-30-12