Includes individuals as contributors. Increases annual credit cap by percentage amount of unused credits. Increases the tax credit rate percentage. Establishes scholarships of $750,000 to disadvantaged students and $250,000 to pre-K students.
Increases the state earned-income credit as of January 1, 2026 to seventeen percent (17%) of the federal earned-income credit, not to exceed the amount of state income tax.
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.
Amends sections of law relative to historic tax credits including increasing the maximum project credit and implementing requirements relative to following prevailing wage requirements..
Allows an income tax credit for employer contributions to an eligible employee's ABLE account, for a maximum credit of two thousand dollars ($2,000) per employee, per year.
Authorizes a retroactive tax credit for tax yr 2026/thereafter/allowing investment tax credits to be passed through to the personal income tax returns of eligible Sub-S corporation shareholders/limited liability company members who meet certain conditions
Reduces the current varying percentages for early retirement penalty for teachers, municipal and state employees to a cumulative annual reduction of 3% and monthly reduction of .25%.
Reduces the current varying percentages for early retirement penalty for teachers, municipal and state employees to a cumulative annual reduction of 3% and monthly reduction of .25%.