S0101

	2015 -- S 0101
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	LC000299
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	STATE OF RHODE ISLAND
	IN GENERAL ASSEMBLY
	JANUARY SESSION, A.D. 2015
	____________
	A N A C T
	RELATING TO TAXATION - PERSONAL INCOME TAX-EXEMPTION FOR
	RETIREMENT INCOME

	Introduced By: Senators Kettle, Cote, Raptakis, E O`Neill, and Morgan
	Date Introduced: January 22, 2015
	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 section.
9	SECTION 2. This act shall take effect upon passage.
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	LC000299
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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 from taxation the first fifteen thousand dollars ($15,000) of
2	personal income from a retirement plan qualified as such under federal law.
3	This act would take effect upon passage.
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	LC000299
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