Thursday, December 11, 2014

Poster summarizes tax credit changes

A new poster from the Rhode Island Division of Taxation highlights key changes to the property-tax relief credit program for the coming tax-filing season. The poster, which can also serve as a leaflet or flier, is mainly intended as an aid to preparers for the filing season which starts in January 2015.

"Paid preparers and volunteer preparers may find this poster useful to help explain the changes to clients, some of whom may not be aware of the changes," said Rhode Island Tax Administrator David M. Sullivan.

Taxpayers may find that the poster provides a brief, helpful reminder of the changes, Sullivan said. The changes involve the statewide property-tax relief credit, which is claimed on Form RI-1040H. The credit amount has increased for tax year 2014, and eligibility rules have tightened. Although the changes were enacted in June 2014, most taxpayers will not encounter them until the 2015 filing season (which covers tax year 2014).