Rhode Island H7702 modifies personal income tax by adjusting federal adjusted gross income with specific additions and subtractions.

Rhode Island H7702 amends the personal income tax law by modifying federal adjusted gross income with specific additions and subtractions. It includes modifications for military service pensions, taxable Social Security income, organ transplantation expenses, Paycheck Protection Program loan forgiveness, and retirement income from certain pension plans or annuities. The bill also adjusts for inflation and modifies taxable income for Rhode Island investment in opportunity zones. The changes take effect upon passage.

Rhode Island H7702 modifies personal income tax by adjusting federal adjusted gross income with specific additions and subtractions.

Rhode Island H7702 amends the personal income tax law by modifying federal adjusted gross income with specific additions and subtractions. It includes modifications for military service pensions, taxable Social Security income, organ transplantation expenses, Paycheck Protection Program loan forgiveness, and retirement income from certain pension plans or annuities. The bill also adjusts for inflation and modifies taxable income for Rhode Island investment in opportunity zones. The changes take effect upon passage.