2009 Rhode Island Code
Title 44 - Taxation
CHAPTER 44-1 - State Tax Officials
§ 44-1-7 - Interest on delinquent payments. [Effective August 15, 2010.].

SECTION 44-1-7

   § 44-1-7  Interest on delinquent payments. [Effective until August 15, 2010.]. – (a) Whenever the full amount of any state tax or any portion or deficiency, as finally determined by the tax administrator, or any surcharge that is required to be remitted to the tax division pursuant to § 39-21.1-14, has not been paid on the date when it is due and payable, whether the time has been extended or not, there shall be added as part of the tax or portion or deficiency, or surcharge as referenced in this provision, interest at the rate as determined in accordance with subsection (b) of this section, notwithstanding any general or specific statute to the contrary; provided, however, no interest or penalties shall be added to any deficiency resulting from imputed income from domestic partner healthcare benefits for tax years 2002 through 2004 provided the taxpayer files amended returns by August 15, 2006.

   (b) Each January 1 the tax administrator shall compute the rate of interest to be in effect for that calendar year by adding two percent (2%) to the prime rate, which was in effect on October 1 of the preceding year. In no event shall the rate of interest exceed twenty-one percent (21%) per annum nor be less than eighteen percent (18%) per annum.

   (c) "Prime rate" as used in subsection (b) of this section means the predominant prime rate quoted by commercial banks to large businesses as determined by the board of governors of the Federal Reserve System.