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RI H7313

Bill

Official Source

Status

Introduced

1/23/2026

Primary Sponsor

Karen Alzate

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Creates an additional 3% personal income tax on taxable income exceeding $640,000 (in 2026 dollars), targeting approximately the top 1% of Rhode Island income tax filers
  • Applies only to taxable income after all exemptions and deductions, not total income
  • Maintains the existing three-bracket tax structure (3.75% up to $55,000; 4.75% from $55,000-$125,000; 5.99% above $125,000)
  • Requires annual inflation adjustments by Rhode Island's Division of Taxation to revise the threshold for subsequent tax years
  • Takes effect January 1, 2027, with no retroactive application to prior tax years

Legislative Description

Creates an additional tax rate of 3% on taxable income over $640,000 in 2026 dollars. Applies to tax years 2027 and thereafter and not retroactively.

Taxation

Last Action

Introduced, referred to House Finance

1/23/2026

Committee Referrals

Finance1/23/2026

Full Bill Text

No bill text available