2012 -- H 7492

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LC01265

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO TAXATION - PERSONAL INCOME TAX

     Introduced By: Representatives Gordon, Gallison, Nunes, Tomasso, and Corvese

     Date Introduced: February 09, 2012

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is

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hereby amended by adding thereto the following section:

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     44-30-2.6.2. Taxation of military pension relief act. -- (a) Any Rhode Island taxpayer,

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younger than sixty-five (65) years of age at the time he or she files their Rhode Island tax return,

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who for the preceding year received a pension from the United States government because of

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their service in the military, and/or because of their spouse's service in the military, may exclude

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the value of their military pension up to three thousand dollars ($3,000) from their Rhode Island

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taxable income, as that term is defined in section 44-30-2.6.

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     (b) The exclusion set forth in subsection 44-30-2.6.2(a) shall increase to ten thousand

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dollars ($10,000) upon the Rhode Island taxpayer's sixty-fifth (65th) birthday.

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     SECTION 2. This act shall take effect on January 2, 2013.

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LC01265

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION - PERSONAL INCOME TAX

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     This act would provide that persons receiving a military pension may exclude from their

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Rhode Island taxable income up to three thousand dollars ($3,000) for persons sixty-four (64)

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years of age or younger, and up to ten thousand dollars ($10,000) for persons sixty-five (65) years

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of age or older.

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     This act would take effect on January 2, 2013.

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LC01265

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