Places a cap of twenty percent (20%) on increases in consecutive revaluations of real property in all cities and towns conducting revaluations commencing December 31, 2025, and every December 31 thereafter.
Reinstates general revenue sharing of state aid among the 39 cities and towns in Rhode Island. The initial amount is based upon population, and increased annually thereafter based on the increase in the Consumer Price Index for all Urban Consumers.
Reinstates general revenue sharing of state aid among the 39 cities and towns in Rhode Island. The initial amount is based upon population, and increased annually thereafter based on the increase in the Consumer Price Index for all Urban Consumers.
Allows the town council of New Shoreham to adopt a tax classification plan in accordance with the provisions of this section, to be applicable to taxes on or after the assessment date of December 31, 2025.
Increases the net taxable estate exemption to $3,600,000 on January 1, 2026 and increases the exemption by $1,000,000 on January 1, 2027, and every year thereafter.
Increases the Rhode Island earned-income credit to twenty percent (20%) on January 1, 2026. Such credit would not exceed the amount of state income tax.
Raises the earned-income tax credit from twenty percent (20%) to thirty percent (30%) for the tax years 2026 and beyond.
Creates an additional tax rate of 3% on taxable income over $625,000 in 2025 dollars. Applies to tax years 2026 and thereafter and not retroactively.
Creates an additional tax rate of 3% on taxable income over $625,000 in 2025 dollars. Applies to tax years 2026 and thereafter and not retroactively.
Extends allocation of motor fuel tax to the Intermodal Surface Transportation Fund through 2025. Changes the allocation to 30% total proceeds, including 30% from the one cent per gallon environmental protection fee through 2026 and thereafter.