This bill amends Section 44-30-12 of the General Laws to define the Rhode Island income of a resident individual and specify modifications to federal adjusted gross income. The bill includes modifications that increase federal adjusted gross income, such as interest income on obligations of any state other than Rhode Island, and modifications that reduce federal adjusted gross income, such as interest income on obligations of the United States and its possessions.

The bill also proposes several modifications to the personal income tax laws in Rhode Island. It adjusts the income thresholds for individuals eligible for a deduction based on their Social Security retirement benefits, increases the deduction for taxable retirement income from certain pension plans or annuities, and includes modifications for Rhode Island investment in opportunity zones, military service pensions, and rebates issued to taxpayers. The bill also proposes a new deduction for interest payments on outstanding student loans.

Statutes affected:
5468: 44-30-12