Rhode Island Adopts New High-Income Tax in FY2027 Budget
As part of the Fiscal Year 2027 budget proposal, lawmakers have advanced a new tax on high-income earners that would be phased in over three years beginning in 2027. The proposal would impact many business owners whose income is reported through LLCs, partnerships, and S-corporations.
The budget proposal has been approved by the House Finance Committee but must still be considered by the full House of Representatives and the Senate before becoming law…