DOR: RI’s Wealthiest to Get a Tax Break

PROVIDENCE, R.I. (AP) – The state Department of Revenue says Rhode Island's wealthiest residents will pay less in taxes next year when the state's new personal income tax law kicks in.

The agency originally said in June that 30 taxpayers with federal adjusted gross incomes of $10 million or more were supposed to end up paying about $5.2 million more combined in Rhode Island personal income tax under the new system.

But under the new projections, those 30 rich citizens will pay $560,000 less.

The new system was expected to have the greatest benefit for middle-income residents but Gov. Don Carcieri tells The Providence Journal that it's good news that the wealthy will get a tax break

The system was adopted to make the state more competitive with neighbors Connecticut and Massachusetts.