AN ACT RELATING TO TAXATION -- PERSONAL INCOME TAX

Summary

The bill revises Rhode Island’s personal income tax statutes, defining taxable income, establishing graduated tax brackets for different filing statuses, and allowing taxpayers to elect a flat rate after 2006. It also adds inflation indexing, rules for a state alternative minimum tax, and caps on capital‑gains rates. The changes affect all resident and non‑resident individuals, estates, trusts, and bankruptcy estates that file a Rhode Island return.

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