Rhode Island General Tax Amnesty Begins September 2, 2012 – Runs to November 15, 2012

On July 3, 2012, Rhode Island announced its General Tax Amnesty Program with the Governor’s signing of H.B. 7323. The limited amnesty period runs for 75 days from September 1 to November 15, 2012. For any taxpayer with unreported or under reported taxes, the General Amnesty Program covers all state taxes (examples are personal and corporate income taxes, sales and use taxes, and unemployment insurance tax) that were due and payable as of December 31, 2011 (for an unlimited look-back period). The Program will not cover taxpayers who are under any criminal investigation or are a party to any civil or criminal proceeding.  The Division of Taxation will waive all penalties and 25% of the normal 18% interest charges, reducing the rate to 13.5%, so complying with the amnesty payment deadline of November 15 may have significant benefits.


More information on the program will be available in August at the Division of Taxation website.  We expect additional direction regarding in-process audits and the VDA program viability during and after the amnesty program.   

Gary Bingel's expertise focuses on state and local income taxation, and sales and use tax consulting. He has significant experience serving clients in the manufacturing, retail, pharmaceutical, biotechnology, technology and service industries.

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