RI Welcomes 2025 with Minimum Wage Hike, Vape Ban, and Tax Updates
>Starting January 1, 2025, several key laws took effect in Rhode Island, impacting businesses and taxpayers alike. As of the beginning of 2025, Rhode Island’s minimum wage has officially risen to $15 per hour, completing a gradual increase started in 2021. Small businesses should also take note of key tax changes now in effect: the carryforward period for operating losses has been extended to 20 years, and the tax exemption on retirement income has increased from $20,000 to $50,000 annually. Other notable laws include a ban on flavored vape products and new taxes on electronic nicotine devices, as well as the Senior Savings Protection Act, which prohibits extra fees for paper billing for seniors. With these updates now in place, Rhode Island businesses and taxpayers are advised to review how these changes may impact their operations and finances in 2025.
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