2014 -- S 2452 | |
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LC004728 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2014 | |
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A N A C T | |
RELATING TO TAXATION - PERSONAL INCOME TAX-EXEMPTION FOR | |
RETIREMENT INCOME | |
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Introduced By: Senators Kettle, Cote, and Ottiano | |
Date Introduced: February 27, 2014 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is |
2 | hereby amended by adding thereto the following section: |
3 | 44-30-1.3. Exemption for retirement income. – (a) There is hereby exempted from the |
4 | amount of personal income subject to taxation in Rhode Island the first fifteen thousand dollars |
5 | ($15,000) per year of income paid to an individual by a retirement plan qualified as such under |
6 | federal law. |
7 | (b) The tax administrator shall make such rules and regulations as are necessary to |
8 | accomplish the purposes of this act. |
9 | SECTION 2. This act shall take effect upon passage. |
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LC004728 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - PERSONAL INCOME TAX-EXEMPTION FOR | |
RETIREMENT INCOME | |
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1 | This act would exempt fifteen thousand dollars ($15,000) of retirement income from the |
2 | Rhode Island personal income tax. |
3 | This act would take effect upon passage. |
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