SALT Report 1650 – The Rhode Island State Legislature passed a bill that includes provisions for a tax amnesty program. The 75-day tax amnesty period begins on September 2, 2012, and will end on November 15, 2012. The program is available to all taxpayers who are delinquent on the following state taxes:
- Personal income tax,
- Sales and use tax,
- Corporate income tax, and
- Unemployment insurance tax
For taxpayers accepted into the amnesty program the Department will waive all penalties and reduce the interest rate by 25%. For example, the interest rate of 18% that applied for 2011 would be reduced to 13.5%.
Under the terms of the program the taxpayer must agree to pay any tax and interest due when they submit their amnesty tax return. However, in cases of financial hardship the Department may enter into an installment payment plan with the taxpayer.
Currently, the Department does not have an amnesty form available to applicants however; an application is being developed and will be posted on the Department’s website shortly.
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