Establishes phased reduction of personal income tax rates in Rhode Island.

This bill establishes a phased reduction of personal income tax rates in Rhode Island. The reduction is set to be implemented in equal annual increments, beginning January 1, 2027, and continuing through January 1, 2030. The reductions will result in a ten percent decrease in the tax rates. The director of revenue will review total general revenues for the preceding fiscal year before each scheduled annual rate reduction. If revenues underperform, the director may recommend delaying the rate reduction.

Establishes phased reduction of personal income tax rates in Rhode Island.

This bill establishes a phased reduction of personal income tax rates in Rhode Island. The reduction is set to be implemented in equal annual increments, beginning January 1, 2027, and continuing through January 1, 2030. The reductions will result in a ten percent decrease in the tax rates. The director of revenue will review total general revenues for the preceding fiscal year before each scheduled annual rate reduction. If revenues underperform, the director may recommend delaying the rate reduction.