2014 -- H 7418 | |
======== | |
LC004171 | |
======== | |
STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2014 | |
____________ | |
A N A C T | |
RELATING TO TAXATION -- PERSONAL INCOME TAX | |
| |
Introduced By: Representatives Trillo, Corvese, Costa, Morgan, and Giarrusso | |
Date Introduced: February 12, 2014 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-30-1 of the General Laws in Chapter 44-30 entitled "Personal |
2 | Income Tax" is hereby amended to read as follows: |
3 | 44-30-1. Persons subject to tax. -- (a) Imposition of tax. - A Rhode Island personal |
4 | income tax determined in accordance with the rates set forth in section 44-30-2 is imposed for |
5 | each taxable year (which shall be the same as the taxable year for federal income tax purposes) on |
6 | the Rhode Island income of every individual, estate, and trust; provided, however, that such tax |
7 | shall not be imposed on the income of any individual who has reached full retirement age as |
8 | defined by the Social Security Administration. |
9 | (b) Partners and partnerships. - A partnership as such shall not be subject to the Rhode |
10 | Island personal income tax. Persons carrying on business as partners shall be liable for the Rhode |
11 | Island personal income tax only in their separate or individual capacities. |
12 | (c) Associations taxable as corporations. - An association, trust, or other unincorporated |
13 | organization, which is taxable as a corporation under the provisions of chapter 11 of this title, |
14 | shall not be subject to the Rhode Island personal income tax. |
15 | (d) Exempt trusts and organizations. - A trust or other unincorporated organization, |
16 | which by reason of its purposes or activities is exempt from federal income tax, shall be exempt |
17 | from the Rhode Island personal income tax, except with respect to its unrelated business taxable |
18 | income. |
19 | (e) Cross references. - For definitions of Rhode Island income of: |
| |
1 | (1) Resident individuals, see section 44-30-12. |
2 | (2) Resident estate or trust, see section 44-30-16. |
3 | (3) Nonresident individual, see section 44-30-32. |
4 | (4) Nonresident estate or trust, see section 44-30-35. |
5 | SECTION 2. This act shall take effect upon passage. |
======== | |
LC004171 | |
======== | |
| LC004171 - Page 2 of 3 |
EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION -- PERSONAL INCOME TAX | |
*** | |
1 | This act would exempt from the Rhode Island personal income tax the income of any |
2 | individual who has reached full retirement age as defined by the Social Security Administration. |
3 | This act would take effect upon passage. |
======== | |
LC004171 | |
======== | |
| LC004171 - Page 3 of 3 |