The Rhode Island Division of Taxation issued guidance on the state’s tax treatment in response to H.R. 1, after announcing its decoupling from the federal legislation. The advisory outlines the specific provisions of H.R. 1 that are not allowed under Rhode Island law, including changes to business interest expenses, research and development expensing, and depreciation of business assets. It also details the required adjustments and schedules that individuals and entities must file with their state tax returns for the 2025 tax year, as well as retroactive impacts for tax years 2022, 2023, and 2024. [R.I. Div. of Tax’n, ADV 2025-20, ...