2001 -- S 0757

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LC02340
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S  T  A  T  E     O  F     R  H  O  D  E     I  S  L  A  N  D    

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2001

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RELATING TO PERSONAL INCOME TAX

Introduced By:  Senators Igliozzi, Ruggerio, Roney, Goodwin and Walton Date Introduced:  February 14, 2001 Referred To:  Committee on Finance

It is enacted by the General Assembly as follows:

SECTION 1. Chapter 44-30 of the Rhode Island General Laws entitled "Personal Income Tax" is hereby amended by adding thereto the following section:

44-30-27. Rent tax Credit. - - An individual who pays rent for his principal place of residence and such residence is located in the state of Rhode Island is qualified for a personal income tax credit in an amount equal to fifty percent (50%) of such rental amount. Said deduction, however shall not exceed two thousand five hundred dollars ($2,500) for a single person as head of a household.

SECTION 2. This act shall take effect upon passage.

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LC02340
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF

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RELATING TO PERSONAL INCOME TAX

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This act provides a tax credit, not to exceed two thousand five hundred dollars ($2,500) for rent for a principal place of residence located in the state of Rhode Island.

This act would take effect upon passage.

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