Budget & Taxes (Tax Incentives)

died · Rhode Island · House Apr 8, 2026

HB 7505: AN ACT RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT 2015

HB 7505 ends Rhode Island's Jobs Development Act tax incentive program by July 1, 2026. It stops all new rate reductions for companies after June 30, 2026, and requires existing beneficiaries who qualified before July 1, 2015, to maintain their current tax rate until the program's end date. The bill does not affect companies that already secured benefits before the 2015 cutoff date, but no new companies can qualify for the tax rate reductions after 2026. This is a straightforward sunset provision for the state's job creation tax incentive program.

Topics ✗ Budget & TaxesOpposes Budget & TaxesEnds tax incentive program, restricting future tax breaks for companies, limiting fiscal incentives per bill's sunset provision.95% confidence

Sub-Topics Tax Incentives Tags Economic Development

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died · Rhode Island · Senate Apr 29, 2026

SB 2624: AN ACT RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT 2015

SB 2624 discontinues Rhode Island's Jobs Development Act tax rate reductions by July 1, 2026. It ensures companies that qualified for rate reductions under the program before July 1, 2015, can maintain their existing rates through June 30, 2026, but no new rate reductions or credits will be authorized after June 30, 2026. The bill directly affects businesses participating in the state's qualified jobs tax incentive program. It ends future eligibility for the tax rate reductions while preserving existing benefits for qualifying companies. The law takes effect upon passage.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill terminates future tax rate reductions for new businesses under the incentive program, restricting tax incentives and ending new eligibility for tax breaks.90% confidence

Sub-Topics Tax Incentives

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in committee · Rhode Island · House Jan 28, 2026

HB 7385: AN ACT RELATING TO TAXATION - AGREEMENT TO PHASE OUT CORPORATE INCENTIVES COMPACT ACT

Establishes a compact agreement among at least two (2) states to prohibit the selective use of subsidies to an existing specific industry or company, entice relocation from one state to another state or to open a new facility.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill explicitly restricts corporate tax incentives and prohibits selective subsidies, opposing targeted tax breaks that could distort fiscal management.95% confidence

Sub-Topics Business Taxes Tax Incentives

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died · Rhode Island · Senate Jun 8, 2026

SB 2021: AN ACT RELATING TO TAXATION -- PERSONAL INCOME TAX

SB 2021 creates a temporary tax exemption for small Bitcoin transactions in Rhode Island. It exempts individuals and Rhode Island-based businesses from state income tax on Bitcoin sales or exchanges totaling $5,000 or less per month, or $20,000 or less annually. Taxpayers must self-certify eligibility on their annual tax return and maintain records to verify they stayed within the limits, but do not need to report each transaction individually. The exemption applies only to transactions within the state and expires on January 1, 2028.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates temporary tax exemption for small Bitcoin transactions, reducing state tax revenue and weakening fiscal management.95% confidence

Sub-Topics Income Tax Tax Incentives

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died · Rhode Island · House May 7, 2026

HB 7312: AN ACT RELATING TO TAXATION -- ESTATE AND TRANSFER TAXES -- LIABILITY AND COMPUTATION

HB 7312 would increase Rhode Island's estate tax exemption to $15 million for estates of people who die on or after January 1, 2027. This means estates valued below $15 million would not owe state estate tax, directly affecting high-value estates (over $15 million) of decedents after 2026. The bill sets the new exemption threshold and requires annual inflation adjustments starting January 1, 2028, using the Consumer Price Index. It does not change tax rates but raises the point at which state estate tax applies.

Topics ✗ Budget & TaxesOpposes Budget & TaxesIncreases estate tax exemption to $15M, reducing tax burden on high-value estates (over $15M), creating tax break primarily for wealthy individuals.95% confidence

Sub-Topics Tax Incentives

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