Provides for a tax refund deduction for contributions to the Meals on Wheels Inc. Fund commencing with tax year 2025.
Impact
The legislation effectively creates a structured method for funding a vital service through taxpayer contributions, which may help stabilize funding for meal provision services amid fluctuating state budgets. Administrative aspects of the fund will remain within the responsibilities of the state's general treasurer, ensuring oversight and adherence to fiscal procedures already established for state funds. The measures tied to tax refunds may incentivize contributions towards community support programs and demonstrate the state’s commitment to addressing food insecurity amongst its residents.
Summary
S0845, introduced in the Rhode Island General Assembly, aims to establish a dedicated fund called the Rhode Island Meals on Wheels Inc. Fund. This fund will be utilized for supporting eligible individuals and families requiring meal services. It allows taxpayers to make contributions towards this fund through a deduction from their state income tax refund as part of the personal income tax process. This provision is slated to begin with tax returns filed for the year 2025 and demonstrates a commitment to enhancing services for the elderly and vulnerable populations.
Contention
While the intent behind S0845 is largely positive, potential points of contention may arise over reliance on voluntary contributions for essential services. Questions might surface regarding the adequacy of funding generated through tax refunds compared to state appropriations, alongside concerns about how effectively contributions will translate into actual meals provided. Additionally, debates could ensue regarding the prioritization of government funding for social services amidst competing budgetary needs.
Establishes the behavioral health education, training, and coordination fund to receive the checkoff contributions from Rhode Island personal income tax returns for tax years ending on or after December 31, 2024.
Establishes the behavioral health education, training, and coordination fund to receive the checkoff contributions from Rhode Island personal income tax returns for tax years ending on or after December 31, 2024.
Refunds to corporations with annual gross income of less than $400 the difference between the gross annual income and the $400 minimum tax imposed with the amount refunded capped at $400.
Provides, for the tax year 2023 and thereafter, that any tax overpayment would be refunded with interest calculated at twelve percent (12%) compounded daily if not received by the thirtieth day of June in the subsequent year.
Allows a modification up to $50,000 of taxable pension and/or annuity income includible in federal adjusted gross income for tax years beginning on or after January 1, 2025.
Allows a modification for all taxable pension and/or annuity income includible in federal adjusted gross income for tax years beginning on or after January 1, 2025.
Allows a modification to federal adjusted gross income of fifty thousand dollars ($50,000) of taxable pension and/or annuity income for tax years beginning on or after January 1, 2025.
Excludes all overtime earned by an individual from adjusted gross income for tax years 2025 and 2026 and defines overtime as payment of at least 1½ times the rate of regular pay for hours worked over the standard forty (40) hours.