![]() Retirement income exemption increase-Eligible taxpayers can exclude up to $20,000 of their federally taxable income from pensions, 401(k)s and annuities from income tax.The state taxes do not apply to the sale of cannabis products by a medical marijuana treatment center to entities with compassion center permits (like cardholders and caregivers). 3% tax by the municipality where the cannabis is sold.The legislation calls for a 20% tax rate, split as follows: Cannabis tax- RI has legalized adult recreational use of cannabis in the state.Nearly 115,000 families are expected to benefit. Under the new program, RI residents making up to $100,000 (individual) and $200,000 (joint-filers) are eligible for child tax rebates of $250 per child, for up to three children (maximum $750 in rebates). Essentially, The Rhode Island Child Tax Rebate is part of the fiscal year 2023 budget signed by the governor in June. Child Tax Rebates- Check out our blog.Additionally, the sunset date for all incentives and credits authorized by the Wavemaker Fellowship is extended to Decem(from December 31, 2022). The fund will be used to redeem tax credits applied against the tax liability of any healthcare applicant who received an award on or after July 1, 2022. A “healthcare applicant” refers to any applicant who meets the eligibility criteria and works full- as a high-demand healthcare practitioner or mental health professional. It has now been expanded to include health and mental health professionals, while other definitions under this initiative have been updated and revised. It offers student loan reimbursement for graduates working in STEM and certain design fields. The Wavemaker fellowship program is used to strengthen the workforce in STEM (Science, Technology, Engineering and Mathematics) fields. New definitions under Healthcare for the Stay Invested in RI Wavemaker Fellowship Fund.The credit program is scheduled to sunset in July 2027. Under the new law, exclusively for tax years 20, the total amount of production tax credits has been raised to a maximum of $40 million. Limits to motion picture production company tax credit raisedįor the 2022 tax year, a maximum of $30 million in total tax credits can be issued for motion picture tax credits and/or musical and theatrical production tax credits to encourage development within the motion picture industry in Rhode Island. ![]() The popular Historic Preservation Tax Credits 2013 program targeting historic structures has been extended from Jto sunset on June 30, 2023, or whenever maximum aggregate credits are met, whichever comes first. Jobs Incentive credits provide redeemable credits for up to 10 years. The program provides financing through redeemable tax credits which can cover up to 30% of project costs. Rebuild RI helps companies with real estate projects for which they are having difficulty raising sufficient funding. The Rebuild Rhode Island Tax Credit and tax credits related to the Rhode Island Qualified Jobs Incentive Act of 2015 program now have a sunset date of Decem(formerly December 31, 2022). Certain sunset dates have been extended.Top Canadian Employers: The opportunity to network with some of Canada’s top employers and receive early access to internships and job openings.ĭiversity & Inclusion: An opportunity for post-secondary students who have traditionally faced barriers in work-integrated learning experiences to connect with employers in the workplace of the future.What’s new in Rhode Island? You will want to read up on some important modifications and extensions to certain tax credits We have the details here. National: An online program that allows you to build networks across the country.įuture-Proof Capabilities: Sessions that focus on developing the most sought-after skills employers look for in prospective hires. Part-time: An 8-session program that can be done over 4 or 8 weeks. Learn and Work in the Metaverse: Students, speakers and mentors connect for sessions in the Wavemakers campus (no VR headset required). Wavemakers is a first-of-its-kind virtual reality Work-Integrated Learning Program.Īre you a Canadian post-secondary student? Our expert-led speaker sessions, hands-on team project, and virtual career fair will have you ready to step into your unique future of work.
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