Rhode Island Modifications To Federal AGI

Modifications Decreasing Federal AGI:

Income from obligations of the US government included in Federal AGI but exempt from state income taxes reduced by investment interest on the obligations taken as a federal itemized deduction.

Rhode Island fiduciary adjustment as beneficiary of an estate or trust under RIGL §44-30-17

Elective deduction for new research and development facilities under RIGL §44-32-1

Railroad Retirement benefits paid by the Railroad Retirement Board

Qualifying investment in a certified venture capital partnership under RIGL §44-43-2

Family Education Accounts under RIGL §44-30-25

Tuition Saving Program contributions (section 529 accounts) under RIGL §44-30-12.  Not to exceed $500 ($1,000 if joint return)

Exemptions from tax on profit or gain for writers, composers and artists under RIGL §44-30-1.1

Bonus depreciation taken on the Federal return that has not yet been subtracted from Rhode Island

income under RIGL §44-61-1

Section 179 depreciation taken on the Federal return that has not yet been subtracted from Rhode Island under RIGL §44-61-1.1

Modification for performance based compensation realized by an eligible employee under the Jobs

Growth Act under RIGL §42-64.11-4

Modification for exclusion for qualifying option under RIGL §44-39.3 AND modification for exclusion for qualifying securities or investment under RIGL §44-43-8

Modification for Tax Incentives for Employers under RIGL §44-55-4.1

Tax Credit income reported on Federal return exempt for Rhode Island purposes (see instructions for eligible credits)

Active duty military pay of Nonresidents stationed in Rhode Island and income for services performed in

Rhode Island by the servicemember’s spouse

Scituate Medical Savings Account contributions taxable on the Federal Return but exempt from Rhode Island under RIGL §44-30-25.1(d)(3)(i)

Amounts of insurance benefits for dependents and domestic partners included in Federal AGI pursuant to chapter 12 of title 36 or other coverage plan under RIGL §44-30-12(c)(6)

Modification for Organ Transplantation for specific unreimbursed expenses incurred by Rhode Island

Resident pursuant to RIGL §44-30-12(c)(7)

Modification for Rhode Island Resident business owner in certified enterprise zone under RIGL §42-64.3-7

Income from the discharge of business indebtedness claimed as income on Federal return and previously claimed as RI income under the American Recovery and Reinvestment Act of 2009 under RIGL §44-66-1

Modification for taxable Social Security income under RIGL §44-30-12(c)(8)

Modification for taxable Retirement income from certain pension plans or annuities under RIGL §44-30-12(c)(9)