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RI S2847
Bill
Status
3/4/2026
Primary Sponsor
Brian Thompson
Click for details
AI Summary
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Caps interest rate on all delinquent state tax payments at a flat 12% per annum starting January 1, 2027, eliminating the previous 18% minimum for trust fund and sales taxes
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Limits tax administrator's audit authority to 3 years from the filing date for ordinary returns and 7 years for cases involving fraud
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Establishes an absolute 10-year maximum period for any audit, investigation, or tax collection from the original filing or required filing deadline
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Prohibits the tax administrator from requesting filings or collecting tax liabilities for any period exceeding 7 years, regardless of whether an audit has been initiated
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Requires interest rates on delinquent taxes to be assessed based on the rate in effect on the date of delinquency notification, not the original tax obligation date
Legislative Description
Caps delinquent tax interest rate at 12%. Prohibits audits beyond 3 years from date of tax filing, 7 years for fraudulent filings, and in no event beyond 10 years from date of filing or required filing date, whichever is later.
Taxation
Last Action
Introduced, referred to Senate Finance
3/4/2026