AN ACT RELATING TO TAXATION -- RHODE ISLAND LOCAL INVESTMENT TAX CREDIT ACT

HB 8195 creates a tax credit for Rhode Island taxpayers who invest in certain local businesses. It directly affects individual and business taxpayers who make qualifying investments in designated Rhode Island companies. The bill provides a credit equal to a percentage of the investment amount, reducing the taxpayer's state tax liability. The credit applies only to investments meeting specific criteria set by the law, such as supporting businesses in targeted economic zones. The bill is currently pending in the House Finance Committee after its introduction on February 27, 2026.