Rep. Craven and Sen. Walaska’s Social Security tax exemption legislation included in budget, passes House
STATE HOUSE – House Municipal Government Committee Chairman Robert E. Craven’s (D-Dist. 32, North Kingstown) legislation (2015-H 5000) that exempts Social Security benefits from taxation for certain retirees was included in the FY 2016 budget that passed the House of Representatives tonight. Sen. William A. Walaska (D-Dist. 30, Warwick) sponsored similar legislation (2015-S 0029) in the Senate.
“This will bring significant financial relief to Rhode Island seniors who receive retirement benefits,” said Representative Craven. “After paying into the Social Security system their entire working lives, it doesn’t seem right that retirees are having taxes eat away at benefits they depend on for their very livelihood.”
“Retirees living on a fixed income are probably more severely impacted by taxes and tax increases than other population groups,” said Senator Walaska. “If we are committed to helping retirees have a safe and secure life in their later years, and if we want to help seniors afford to stay in Rhode Island rather than moving to more tax-friendly locations, we need to ease their financial burdens.
Exempting retirement income from the state income tax is one step we should take.”
The legislation would exempt Social Security benefits from being taxed for single tax filers with up to $80,000 in taxable income and up to $100,000 for joint filers.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903