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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
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