Rhode Island Establishes Retirement Savings Program, Defers State Income Tax on Earnings

The Rhode Island Governor signed a law establishing the Rhode Island Secure Choice Retirement Savings Program to be administered by the state treasurer’s office. The law includes a provision that any security issued, managed, or invested by the state investment commission within the Rhode Island secure choice retirement savings program on behalf of an individual participating within the RISavers retirement savings program is state income tax deferred for investment earnings to include interest, dividends and capital gains until such time as withdrawal. The law is effective upon passage. [H.B. 7127, enacted 06/26/24]

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