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Rhode Island Modifications To Federal AGI
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Rhode Island Modifications To Federal AGI

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Modifications INCREASING Federal AGI:

  • Income from obligations of any state or its political subdivisions, other than Rhode Island

  • Rhode Island fiduciary adjustment as beneficiary of an estate or trust

  • Recapture of Family Education Account modifications

  • Bonus depreciation that has been taken for federal purposes that must be added back to Rhode Island income

  • Increased Section 179 depreciation that has been taken for federal purposes that must be added back to Rhode Island income

  • Recapture of Tuition Saving Program modifications

  • Recapture of Historic Tax Credit or Motion Picture Production Tax Credit

  • Recapture of Scituate Medical Savings Account modifications

MODIFICATIONS DECREASING FEDERAL AGI

  • Income from obligations of the US government included in Federal AGI but exempt from state income taxes

  • Rhode Island fiduciary adjustment as beneficiary of an estate or trust

  • Elective deduction for new research and development facilities

  • Railroad Retirement benefits included in gross income for federal income tax purposes but exempt from state income taxes

  • Qualifying investment in a certified venture capital partnership

  • Family Education Accounts

  • Tuition Saving Program contributions

  • Exemptions from tax on profit or gain for writers, composers and artists

  • Depreciation that has not been taken for federal purposes because of the bonus depreciation that must be subtracted from Rhode Island income

  • Depeciation that has not been taken for federal purposed becuase of the increased section 179 depreciation was not taken originally

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

  • Modification for exclusion for qualifying securities or investments

  • Modification for Tax Incentives for employer

  • Historic Tax Credit income or Motion Picture Production Tax Credit income reported on Federal return that is tax exempt for RI purposes

  • Active duty military pay of Nonresidents stationed in Rhode Island and income for services performed in Rhode Island by the service-member's spouse. This modification does NOT apply to RI residents

  • Scituate Medical Savings Account contributions that are taxable on the Federal Return

  • Amounts of insurance benefits for dependents and domestic partners included in federal adjusted gross income
  • For Full year Residents ONLY, Up to $10,000 in unreimbursed expenses for travel, lodging and lost wages incurred by an individual as a result if donating one or more organs to another for organ transplant.
  • A domicilliary of an enterprise zone who owns and operates a qualified business facility in that zone may, for the first three years after certification, reduce federal AGI by $50,000 per year and may, for the fourth and fifth years, reduce federal AGI by $25,000 per year.
  • Income from the discharge of business indebtedness deferred under the American Recovery and Investment Act of 2009, when claimed as income on federal tax return, this income may be reported as decreasing modification to federal adjusted gross income to the extent it was previously included in Rhode Island income.

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Views: 726 Created on: Jun 15, 2013
Date updated: Sep 02, 2014

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