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RI S3018
Bill
Status
3/5/2026
Primary Sponsor
Andrew Dimitri
Click for details
AI Summary
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Allows Rhode Island taxpayers to subtract up to $50,000 of individual retirement account (IRA) income from their state taxable income, effective for tax years beginning on or after January 1, 2025
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Eligibility restricted to individuals who have no pension income included in their federal adjusted gross income for the taxable year
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Applies to taxpayers who have reached full Social Security retirement age and meet income thresholds (under $80,000 for single filers or $100,000 for joint filers, adjusted annually for inflation)
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Expands existing retirement income modification that previously covered only pension and annuity income, now adding IRA income as a separate qualifying category
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Takes effect upon passage of the legislation
Legislative Description
Allows a modification for up to $50,000 of individual retirement account income that is included in federal adjusted gross income for the taxable year; provided that the person with individual retirement accounts has no income from pensions.
Taxation
Last Action
Introduced, referred to Senate Finance
3/5/2026