Rhode Island bill proposes a 3% tax on taxable income over $640,000 starting in 2027.

Rhode Island H7313 introduces a new 3% tax on taxable income exceeding $640,000 for tax years starting in 2027. This additional tax applies to married individuals filing joint returns, qualifying widows, heads of household, unmarried individuals, married individuals filing separate returns, and bankruptcy estates. The tax rate remains unchanged for income below the specified threshold. The bill does not apply retroactively and the threshold amount will be adjusted annually for inflation.

Rhode Island bill proposes a 3% tax on taxable income over $640,000 starting in 2027.

Rhode Island H7313 introduces a new 3% tax on taxable income exceeding $640,000 for tax years starting in 2027. This additional tax applies to married individuals filing joint returns, qualifying widows, heads of household, unmarried individuals, married individuals filing separate returns, and bankruptcy estates. The tax rate remains unchanged for income below the specified threshold. The bill does not apply retroactively and the threshold amount will be adjusted annually for inflation.