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RI S2823
Bill
Status
3/4/2026
Primary Sponsor
Lammis Vargas
Click for details
AI Summary
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Creates a $650 per child tax credit for Rhode Island residents beginning January 1, 2027, applicable to children 18 years old or younger as of December 31 of the tax year
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Credit phases out for taxpayers with adjusted gross income exceeding $261,000, reducing by 20 percentage points for each $7,450 above that threshold
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Replaces the current personal exemption for child dependents with the new tax credit—taxpayers claiming the child tax credit will have their exemption amount for that child set to zero
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Credit amount and income thresholds will be adjusted annually for inflation using the Consumer Price Index, with increases rounded down to the nearest $5
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Eligible taxpayers must be Rhode Island residents who file a state personal income tax return for the tax year
Legislative Description
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.
Taxation
Last Action
Introduced, referred to Senate Finance
3/4/2026