AN ACT RELATING TO TAXATION -- PERSONAL INCOME TAX

Summary

The bill revises the definition of Rhode Island taxable income for individuals by specifying additional items that must be added to, and subtracted from, federal adjusted gross income. It affects all resident, nonresident, and part‑year residents who file personal income taxes, changing the amount of income subject to state tax. The changes capture certain out‑of‑state interest, tuition‑savings withdrawals, unemployment benefits, PPP loan forgiveness, and other federal tax items, while providing deductions for federal interest, tuition‑savings contributions, and related items.

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