Rhode Island H8338 establishes a child tax credit of $650 for eligible taxpayers, adjusted for inflation annually starting January 1, 2027.

Rhode Island H8338 introduces a child tax credit of $650 for eligible taxpayers, with annual adjustments for inflation starting from January 1, 2027. This bill amends the Rhode Island General Laws to include a new section on the child tax credit, defining "child" as an individual under 18 years old by December of the tax year and "eligible taxpayer" as a natural person domiciled in Rhode Island who filed a Rhode Island tax return. The credit amount will be adjusted annually based on the cost-of-living adjustment, using a base year of 2026.

Rhode Island H8338 establishes a child tax credit of $650 for eligible taxpayers, adjusted for inflation annually starting January 1, 2027.

Rhode Island H8338 introduces a child tax credit of $650 for eligible taxpayers, with annual adjustments for inflation starting from January 1, 2027. This bill amends the Rhode Island General Laws to include a new section on the child tax credit, defining "child" as an individual under 18 years old by December of the tax year and "eligible taxpayer" as a natural person domiciled in Rhode Island who filed a Rhode Island tax return. The credit amount will be adjusted annually based on the cost-of-living adjustment, using a base year of 2026.