Rhode Island S2238 creates a 3% tax on taxable income over $640,000 for tax years 2027 and beyond.
Rhode Island S2238 introduces an additional 3% tax on taxable income exceeding $640,000 for tax years starting in 2027. This tax applies to married individuals filing jointly, qualifying widows or widowers, heads of household, unmarried individuals, and married individuals filing separately. The tax does not apply retroactively and will be adjusted annually for inflation. The bill does not alter the existing three-bracket personal income tax structure.
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