AN ACT RELATING TO TAXATION -- PERSONAL INCOME TAX

HB 5758 proposes to reduce the personal income tax burden for Rhode Island residents receiving social security benefits. The bill amends the state's personal income tax law to allow individuals to subtract their social security benefits from their federal adjusted gross income when calculating their state taxable income. This modification would effectively exempt social security benefits from being subject to state personal income tax. The changes outlined in the bill are slated to become effective on January 1, 2025.