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RI S2238
Bill
Status
1/23/2026
Primary Sponsor
Melissa Murray
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AI Summary
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Creates an additional 3% personal income tax on taxable income exceeding approximately $640,000, targeting only the top 1% of Rhode Island income tax filers
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The $640,000 threshold is set in 2026 dollars and will be adjusted annually for inflation by the Division of Taxation
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Applies only to taxable income after all exemptions and deductions, not to total gross income
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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)
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Takes effect January 1, 2027 and does not apply retroactively 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 Senate Finance
1/23/2026