Rhode Island S2539 phases in modifications to federal adjusted gross income for social security income over four years, starting January 1, 2027.

Rhode Island S2539 introduces a gradual phase-in of modifications to federal adjusted gross income for social security income. Starting January 1, 2027, individuals can subtract 25% of their social security income from their federal adjusted gross income. This percentage increases annually: 50% in 2028, 75% in 2029, and 100% in 2030. The bill also includes adjustments for inflation and modifies taxable retirement income from certain pension plans or annuities. The changes will take effect upon passage.

Rhode Island S2539 phases in modifications to federal adjusted gross income for social security income over four years, starting January 1, 2027.

Rhode Island S2539 introduces a gradual phase-in of modifications to federal adjusted gross income for social security income. Starting January 1, 2027, individuals can subtract 25% of their social security income from their federal adjusted gross income. This percentage increases annually: 50% in 2028, 75% in 2029, and 100% in 2030. The bill also includes adjustments for inflation and modifies taxable retirement income from certain pension plans or annuities. The changes will take effect upon passage.