Rhode Island S2099 mandates refunds to taxpayers if state tax revenues exceed budget estimates, proportional to their prior year's income tax.

Rhode Island S2099, known as the Surplus Funds Tax Credit Act, requires that any surplus state tax revenue exceeding budget estimates be refunded to taxpayers. This refund is proportional to each taxpayer's personal income tax liability from the previous year. The state budget officer determines the surplus by September each year, and the director of the Department of Revenue calculates the refund. Successful enforcement of this act by taxpayers can result in recovery of reasonable legal fees and costs from the state. This act takes effect on July 1, 2026.

Rhode Island S2099 mandates refunds to taxpayers if state tax revenues exceed budget estimates, proportional to their prior year's income tax.

Rhode Island S2099, known as the Surplus Funds Tax Credit Act, requires that any surplus state tax revenue exceeding budget estimates be refunded to taxpayers. This refund is proportional to each taxpayer's personal income tax liability from the previous year. The state budget officer determines the surplus by September each year, and the director of the Department of Revenue calculates the refund. Successful enforcement of this act by taxpayers can result in recovery of reasonable legal fees and costs from the state. This act takes effect on July 1, 2026.