Increases income range and tax credit for elderly and disabled homeowners and renters in Rhode Island.

This bill adjusts the income range and tax credit for elderly and disabled individuals who own or rent their homes in Rhode Island. It increases the income range to up to fifty thousand dollars ($50,000) and the tax credit to up to eight hundred fifty dollars ($850). The adjustments are based on the Consumer Price Index for all Urban Consumers (CPI-U) and are compounded annually. The changes apply to tax years beginning on or after January 1, 2023.

Increases income range and tax credit for elderly and disabled homeowners and renters in Rhode Island.

This bill adjusts the income range and tax credit for elderly and disabled individuals who own or rent their homes in Rhode Island. It increases the income range to up to fifty thousand dollars ($50,000) and the tax credit to up to eight hundred fifty dollars ($850). The adjustments are based on the Consumer Price Index for all Urban Consumers (CPI-U) and are compounded annually. The changes apply to tax years beginning on or after January 1, 2023.