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RI H7314
Bill
Status
1/23/2026
Primary Sponsor
Anthony DeSimone
Click for details
AI Summary
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Creates a new Rhode Island state income tax deduction for student loan interest payments, effective for tax years beginning on or after January 1, 2027
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Allows taxpayers to subtract the full amount of interest paid on outstanding student loans from their federal adjusted gross income when calculating Rhode Island taxable income
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Provides tax relief beyond the existing federal student loan interest deduction, which is capped at $2,500 annually and subject to income phase-outs
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Amends Section 44-30-12 of the Rhode Island General Laws governing personal income tax modifications
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Would take effect immediately upon passage
Legislative Description
Provides modifications for payments of interest on student loans shall be subtracted from federal adjusted gross income to an amount equal to the payments of interest for the satisfaction of outstanding student loans.
Taxation
Last Action
Introduced, referred to House Finance
1/23/2026