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| 5 | 5 | | 2025 -- S 0182 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001105 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO TAXATION -- PERSONAL INCOME TAX |
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| 16 | 16 | | Introduced By: Senators Gallo, DiPalma, Tikoian, LaMountain, Murray, and Lawson |
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| 17 | 17 | | Date Introduced: February 07, 2025 |
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| 18 | 18 | | Referred To: Senate Finance |
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| 19 | 19 | | |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is hereby 1 |
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| 23 | 23 | | amended by adding thereto the following section: 2 |
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| 24 | 24 | | 44-30-71.5. Voluntary withholding of tax from mutual fund individual retirement 3 |
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| 25 | 25 | | accounts. 4 |
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| 26 | 26 | | (a) The tax administrator may enter into agreements with a mutual fund company to allow 5 |
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| 27 | 27 | | for the withholding from required minimum distributions subject to Rhode Island personal income 6 |
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| 28 | 28 | | tax of a resident individual, an amount substantially equivalent to the tax reasonably estimated to 7 |
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| 29 | 29 | | be due resulting from the inclusion in the resident’s Rhode Island income of the resident’s 8 |
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| 30 | 30 | | distributions received during any calendar year. 9 |
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| 31 | 31 | | (b) The method of determining the amount to be withheld shall be prescribed by regulations 10 |
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| 32 | 32 | | of the tax administrator, with due regard to the withholding exemptions of the resident. 11 |
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| 33 | 33 | | (c) The provisions of this section shall apply only to a resident who so elects to have the 12 |
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| 34 | 34 | | withholding effected. 13 |
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| 35 | 35 | | SECTION 2. This act shall take effect upon passage. 14 |
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| 36 | 36 | | ======== |
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| 37 | 37 | | LC001105 |
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| 38 | 38 | | ======== |
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| 39 | 39 | | |
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| 40 | 40 | | |
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| 41 | 41 | | LC001105 - Page 2 of 2 |
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| 42 | 42 | | EXPLANATION |
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| 43 | 43 | | BY THE LEGISLATIVE COUNCIL |
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| 44 | 44 | | OF |
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| 45 | 45 | | A N A C T |
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| 46 | 46 | | RELATING TO TAXATION -- PERSONAL INCOME TAX |
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| 47 | 47 | | *** |
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| 48 | 48 | | This act would allow a resident taxpayer to elect to have state taxes withheld from 1 |
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| 49 | 49 | | distributions from a mutual fund individual retirement account. 2 |
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| 50 | 50 | | This act would take effect upon passage. 3 |
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| 51 | 51 | | ======== |
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| 52 | 52 | | LC001105 |
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| 53 | 53 | | ======== |
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| 54 | 54 | | |
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