Rhode Island S2026 modifies state personal income tax to allow subtraction of all social security income from federal adjusted gross income starting.

Rhode Island S2026 amends the state's personal income tax law to modify federal adjusted gross income by allowing a subtraction of all social security income for tax years beginning on or after January 1, 2027. This bill also includes provisions for modifications to federal adjusted gross income for various income sources, such as contributions to a tuition savings program, unemployment compensation, and military service pensions. The modifications are subject to certain conditions and limitations, including income thresholds and specific circumstances. The act takes effect upon passage.

Rhode Island S2026 modifies state personal income tax to allow subtraction of all social security income from federal adjusted gross income starting.

Rhode Island S2026 amends the state's personal income tax law to modify federal adjusted gross income by allowing a subtraction of all social security income for tax years beginning on or after January 1, 2027. This bill also includes provisions for modifications to federal adjusted gross income for various income sources, such as contributions to a tuition savings program, unemployment compensation, and military service pensions. The modifications are subject to certain conditions and limitations, including income thresholds and specific circumstances. The act takes effect upon passage.