Raises the earned-income tax credit to thirty percent (30%) for tax years 2027 and beyond.

Rhode Island S2364 amends the earned-income tax credit to increase it to thirty percent (30%) for tax years starting in 2027 and beyond. This bill modifies the existing credit structure, which previously allowed for credits ranging from twelve and one-half percent (12.5%) to twenty-five percent (25%) depending on the tax year. The new credit will be applicable to taxpayers entitled to a federal earned-income credit, subject to the condition that it does not exceed the Rhode Island income tax. The bill takes effect upon passage.

Raises the earned-income tax credit to thirty percent (30%) for tax years 2027 and beyond.

Rhode Island S2364 amends the earned-income tax credit to increase it to thirty percent (30%) for tax years starting in 2027 and beyond. This bill modifies the existing credit structure, which previously allowed for credits ranging from twelve and one-half percent (12.5%) to twenty-five percent (25%) depending on the tax year. The new credit will be applicable to taxpayers entitled to a federal earned-income credit, subject to the condition that it does not exceed the Rhode Island income tax. The bill takes effect upon passage.