This bill amends the personal income tax laws in Rhode Island. It changes the definition of "Rhode Island taxable income" and the rates of tax imposed on residents and nonresidents. The bill also includes provisions for alternative minimum tax, adjustments for inflation, maximum capital gains rates, and itemized deductions.

The bill proposes several changes to the tax code, including setting the basic standard deduction for individual taxpayers and eliminating the standard deduction for certain individuals. It also includes adjustments for inflation, establishes an overall limitation on itemized deductions, and sets the exemption amount for taxpayers. The bill imposes an alternative minimum tax and includes provisions for the treatment of unearned income of minor children. Finally, the bill imposes taxes on certain Rhode Island taxes and makes changes to the rounding rules for tax increases, federal credits, and the earned-income credit.

Statutes affected:
6148: 44-30-2.6