This bill makes several amendments to the General Laws regarding tax credits and deductions for Rhode Island residents. It modifies the tax credit for residential renewable energy systems, specifying the requirements and maximum cost for each type of system. It also allows taxpayers to donate and transfer tax credits to a nonprofit entity that assists low-income residents with electricity costs. The bill also modifies the definition of Rhode Island income for personal income tax purposes, adding certain modifications to federal adjusted gross income and creating deductions for forgiven Paycheck Protection Program loans and unreimbursed expenses for organ donation. It also adjusts the deduction for taxable Social Security income.

In addition, the bill allows taxpayers to subtract residential renewable energy system tax credits from their federal adjusted gross income if they donate the credits to a nonprofit organization that assists low-income residents with electricity costs. The bill also includes provisions for modifications to taxable retirement income, Rhode Island investment in opportunity zones, military service pensions, and rebates issued to taxpayers. The bill would take effect upon passage.

Statutes affected:
6107: 44-57-5, 44-30-12