§ 16-57-6.3 - Tax exempt earnings. - Rhode Island Statutes

SECTION 16-57-6.3

   § 16-57-6.3  Tax exempt earnings. –(a) For state income tax purposes, annual earnings of the tuition savingsprogram and the prepaid tuition program shall be exempt from tax to theprogram, and shall not be includible in the Rhode Island income of eitherbeneficiaries or participants in the program until withdrawn or distributedfrom it, and then in accordance with chapter 30 of title 44.

   (b) The tax administrator, in consultation with theauthority, may adopt rules and regulations necessary to monitor, implement, andadminister the Rhode Island personal income tax provisions referred to insubsection (a) relating to this chapter. These regulations shall provide foreach taxable year for the timely submission to the tax administrator by theprogram manager of the tuition savings program of this information in the formthe tax administrator shall prescribe concerning contributions to, andwithdrawals including transfers and rollovers from, the tuition savings programduring that year.