Rhode Island S2847 caps delinquent tax interest at 12% and limits tax audits to 3 years, 7 years for fraud, and 10 years maximum.

Rhode Island S2847 amends the state tax laws to cap the interest rate on delinquent tax payments at 12% annually. It also restricts the tax administrator's ability to audit tax returns to three years from the filing date, seven years for fraudulent filings, and no more than ten years from the filing date or required filing date. The act takes effect on January 1, 2027, and applies to all tax assessments, audits, and payments initiated after this date.

Rhode Island S2847 caps delinquent tax interest at 12% and limits tax audits to 3 years, 7 years for fraud, and 10 years maximum.

Rhode Island S2847 amends the state tax laws to cap the interest rate on delinquent tax payments at 12% annually. It also restricts the tax administrator's ability to audit tax returns to three years from the filing date, seven years for fraudulent filings, and no more than ten years from the filing date or required filing date. The act takes effect on January 1, 2027, and applies to all tax assessments, audits, and payments initiated after this date.