(a)  For state income tax purposes, annual earnings of the ABLE program shall be exempt from tax, and shall not be included in the Rhode Island income of the designated beneficiary until withdrawn or distributed from it, and then in accordance with chapter 30 of Title 44.

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Terms Used In Rhode Island General Laws 42-7.2-20.6

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC

(b)  The tax administrator may adopt rules and regulations necessary to monitor, implement, and administer the Rhode Island personal income tax provisions referred to in subsection (a) of this section.

History of Section.
P.L. 2015, ch. 158, § 1; P.L. 2015, ch. 187, § 1.