Rhode Island H7057 phases in modifications to federal adjusted gross income for social security income over five years, starting at 20% and reaching.

Rhode Island H7057 amends the personal income tax law to gradually phase in modifications to federal adjusted gross income for social security income. Starting on or after January 1, 2027, the bill allows individuals to subtract a portion of their social security income from their federal adjusted gross income. The subtraction increases annually from 20% to 100% over five years. Specifically, for tax years beginning on or after January 1, 2027, individuals can subtract 20% of their social security income. This increases to 40% for 2028, 60% for 2029, 80% for 2030, and 100% for 2031.

Rhode Island H7057 phases in modifications to federal adjusted gross income for social security income over five years, starting at 20% and reaching.

Rhode Island H7057 amends the personal income tax law to gradually phase in modifications to federal adjusted gross income for social security income. Starting on or after January 1, 2027, the bill allows individuals to subtract a portion of their social security income from their federal adjusted gross income. The subtraction increases annually from 20% to 100% over five years. Specifically, for tax years beginning on or after January 1, 2027, individuals can subtract 20% of their social security income. This increases to 40% for 2028, 60% for 2029, 80% for 2030, and 100% for 2031.