Rhode Island 2024 Regular Session

Rhode Island House Bill H7682

Introduced
2/15/24  

Caption

Provides, for the tax year 2023 and thereafter, that any tax overpayment would be refunded with interest calculated at twelve percent (12%) compounded daily if not received by the thirtieth day of June in the subsequent year.

Impact

The proposed legislation has the potential to impact state tax laws by enforcing a more taxpayer-friendly approach to refunds on overpayments. By stipulating a guaranteed interest on late refunds, the bill aims to incentivize the timely processing of tax refunds. This could lead to an increased emphasis on efficiency within the state's tax administration, reducing delays that taxpayers may experience under current regulations.

Summary

House Bill 7682, introduced in January 2024, focuses on the procedure and administration related to personal income tax in Rhode Island. The bill amends Section 44-30-88 of the General Laws, establishing that any overpayment of personal income tax will be refunded with interest calculated at a rate of twelve percent (12%) compounded daily if the refund is not issued by the thirtieth day of June in the following year. This is a significant change aimed at ensuring timely compensation for taxpayers who have overpaid their taxes.

Conclusion

In summary, H7682 reflects a legislative effort to enhance the rights and protections of taxpayers in Rhode Island concerning income tax overpayments. By mandating the payment of interest on delayed refunds, it aims to foster a more favorable tax environment. The debate surrounding this bill will likely revolve around its fiscal implications for the state and its influence on taxpayer satisfaction.

Contention

While the bill presents clear benefits for taxpayers, it may face scrutiny from budgetary perspectives. Opponents could argue that instituting such an interest policy may strain state revenues, particularly if there are delays in processing tax refunds. Additionally, there may be concerns regarding the administrative burden placed on the state tax department to comply with the new regulations and deadlines imposed by this bill.

Companion Bills

No companion bills found.

Previously Filed As

RI H5200

Making Appropriations For The Support Of The State For The Fiscal Year Ending June 30, 2024

RI H5051

House Resolution Adopting The Rules Of The House Of Representatives For The Years 2023 And 2024 (this Resolution Would Adopt The Rules Of The House Of Representatives For The Years 2023 And 2024.)

RI S0980

Authorizing The Town Of Barrington To Finance The Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Athletic Fields, Playgrounds, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $250,000,000 Bonds And/or Notes Therefor, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 35 Percent At The Time Of Issuance And Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI H6404

Authorizing The Town Of Barrington To Finance The Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Athletic Fields, Playgrounds, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $250,000,000 Bonds And/or Notes Therefor, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 35 Percent At The Time Of Issuance And Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI S0233

Personal Income Tax -- Capital Gains

RI H6171

Personal Income Tax -- Capital Gains

RI H5502

Joint Resolution Creating A Special Joint Legislative Commission To Study And Provide Recommendations To Protect Our Environment And Natural Resources From Plastic Bottle Waste (creates A 16 Member Joint Commission To Study And Provide Recommendations To Protect Our Environment From Plastic Bottle Waste, And Who Would Report Back To The General Assembly By February 28, 2024, And Expire On June 30, 2024.)

RI S0862

Property Subject To Taxation

RI H6429

Authorizing The Town Of North Kingstown To Issue Not More Than $222,460,000 Of Bond And Notes Of Which

RI S1076

Authorizing The Town Of North Kingstown To Issue Not More Than $222,460,000 Of Bond And Notes Of Which

Similar Bills

No similar bills found.