Repeals the Tiverton tax credit for totally disabled veterans and includes a veteran's unmarried widow or widower for a tax credit in the amount of four hundred dollars ($400) or greater.
This bill authorizes several Rhode Island municipalities to offer property tax credits or exemptions for residents aged 65 and older. It allows local town councils to establish specific rules and dollar limits for these benefits, which can range from a flat reduction to a percentage of the property's value. The changes apply to real estate owned and occupied by eligible seniors and are designed to be applied uniformly without considering the applicant's ability to pay. By amending state tax laws, the legislation gives local governments the flexibility to create their own programs while ensuring all qualifying residents receive the same treatment.
HB 8437 changes how veterans receive tax relief in the city of Cranston by converting a property tax exemption into a tax credit. Under this new provision, eligible veterans and their unmarried widows or widowers will receive a credit of up to $182.90 per year instead of having $3,000 removed from their property value. This adjustment is designed to be updated every three years based on property revaluations and changes in the consumer price index. The bill directly affects military service members who served honorably in various conflicts and the surviving spouses of those who have passed away.
SB 3293 modifies how veterans and their unmarried widows or widowers receive property tax relief in the city of Cranston, Rhode Island. Specifically, it changes the existing tax exemption for qualifying veterans in Cranston to a tax credit, limiting the annual benefit to a maximum of $182.90 that is adjusted every three years based on property revaluation and the consumer price index. This bill directly affects current and former military service members and their spouses residing in Cranston who would otherwise be eligible for a standard property tax exemption.
Increases historic tax credit to 30%, and up to 35%, depending on the amount of rental area available for multi-family housing, affordable rental units and units sold as affordable housing.
Increases historic tax credit to 30%, and up to 35%, depending on the amount of rental area available for multi-family housing, affordable rental units and units sold as affordable housing.
This bill creates a tax credit for businesses in Rhode Island that transition to employee ownership models, such as employee stock ownership plans, worker cooperatives, or employee ownership trusts. The credit covers up to 50% of conversion costs, with a maximum of $100,000 for full employee ownership transitions or $25,000 for partial equity structures, and allows an additional $25,000 credit for expanding existing employee ownership programs. To qualify, businesses must grant at least 20% ownership rights to eligible workers and provide them with decision-making rights comparable to current shareholders. The tax credit applies to income tax years between January 1, 2026, and January 1, 2029, and requires businesses to apply through the state Department of Revenue for certification.
This bill creates a tax credit program to encourage investments in small Rhode Island businesses with 99 or fewer employees. Under the new Rhode Island Local Investment Tax Credit Act, eligible taxpayers who invest in qualifying local businesses could receive a 50% tax credit, up to a maximum of $3,000 per business and $3,000 total per year. To qualify, the business must be headquartered in Rhode Island, derive at least 80% of its revenue from state operations, and hold at least 80% of its assets within the state. The state would annually appropriate funds from the general fund to offset any revenue loss from the tax credits, and the Rhode Island Commerce Corporation Strategic Fund would manage the certification process for eligible investments.
Establishes a child tax credit in the amount of six hundred fifty dollars ($650) for eligible taxpayers adjusted for inflation annually commencing January 1, 2027.
Includes individuals as contributors. Increases annual credit cap by percentage amount of unused credits. Increases the tax credit rate percentage. Establishes scholarships of $750,000 to disadvantaged students and $250,000 to pre-K students.
