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, and modifications that reduce federal adjusted gross income, such as interest income on obligations of the United States and its possessions.

The bill also allows for modifications to the personal income tax for certain individuals who have reached the age for calculating full or unreduced Social Security retirement benefits and have a federal adjusted gross income below certain thresholds. The bill also allows for modifications to taxable pension and/or annuity income for individuals who meet the same criteria. The bill also allows for modifications for certain investments in Rhode Island opportunity zones, military service pensions, and rebates issued to taxpayers.

Statutes affected:
5624: 44-30-12