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5/12/2023
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Rep. O’Brien’s bills that will help seniors save money heard in committee
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STATE HOUSE – Three bills introduced by Rep. William W. O’Brien that will save the state’s seniors significant dollars were heard by the House Finance Committee this week. The bills relate to eliminating the sales tax on pet supplies, increasing the income tax modification for pension and annuity income, and raising the earned income tax credit.
Representative O’Brien serves as the Chairman of the House Finance Environment and Transportation Subcommittee.
The first bill (2023-H 5476) would exempt animal food and supplies from the state’s sales and use taxes.
“Times are tough for so many these days and most people, especially our seniors on fixed-incomes, are already making tough decisions on what they can afford and what they can live without. With that being said, discussions about the ability to care for and feed one’s pet, who are family members and provide vital companionship to our seniors, should not be up for debate and this bill will keep costs down for these essential products that keep our pets alive and well while furthering the quality of life for our seniors,” said Representative O’Brien.
The second bill (2023-H 5624) would allow a modification for up to $50,000 of taxable pension and/or annuity income that is included in federal adjusted gross income for tax years beginning on or after January 1, 2024. Currently, the modification is capped at $20,000.
“As costs continue to climb for Rhode Islanders, this bill will help our retirees and individuals living on fixed incomes keep a lot more of their money during tax season. Retirees have worked hard their entire lives and it is only right for them to be able to hold on to more of their retirement money that was earned during their decades of employment and service,” said Representative O’Brien.
The last bill (2023-H 5470) would raise the state’s earned income tax credit to 50 percent, currently at 15 percent, for the tax years 2024 and beyond.
All three bills were held for further study by the committee.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903
(401)222-6124
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