RI S2672

Reduces Rhode Island personal income tax rates by a total of 10% over five years, beginning January 1, 2027, with 2% annual reductions bringing rates from 3.75%/4.75%/5.99% down to 3.38%/4.28%/5.39% by 2031

Grants the Director of Revenue authority to delay scheduled rate reductions if general revenues materially underperform enacted estimates, with delayed reductions preserved for implementation once revenues stabilize

Requires the Governor to notify legislative leadership of any recommended delay, stating the basis for the determination

Mandates a written report by January 15, 2029 from the Director of Revenue evaluating fiscal impact, tax collections by bracket, taxpayer behavior, and recommendations on continuing the phase-in schedule

Income bracket thresholds continue to adjust annually for inflation; severability clause ensures remaining provisions stand if any part is invalidated