Bills introduced in RI to expand deduction to non-RI 529s
Bills have been introduced in the Rhode Island General Assembly to allow the maximum $1,000 state income tax deduction to Rhode Island residents for their contributions to non-RI 529 plans. See H7615 and S2893. Another bill, S2913, extends the expanded deduction to nonresident RI taxpayers.
Other modifications include removing the income addback on federally tax-free rollovers, and imposing RI tax on the principal portion of nonqualified distributions.
Update 7/7/04: These bills did not pass in the current session. They may be re-introduced in January 2005.
Return to 529 News centerOther modifications include removing the income addback on federally tax-free rollovers, and imposing RI tax on the principal portion of nonqualified distributions.
Update 7/7/04: These bills did not pass in the current session. They may be re-introduced in January 2005.