§ 44-30-88 - Interest on overpayment.
SECTION 44-30-88
§ 44-30-88 Interest on overpayment. –(a) General. Interest shall be allowed and paid as follows at the annualrate provided by § 44-1-7 upon any overpayment in respect of Rhode Islandpersonal income tax:
(1) From the date of the overpayment to a date, to bedetermined by the tax administrator, preceding the date of a refund check bynot more than thirty (30) days, whether or not the refund check is accepted bythe taxpayer after tender of the check to the taxpayer. The acceptance of thecheck shall be without prejudice to any right of the taxpayer to claim anyadditional overpayment and interest thereon;
(2) From the date of the overpayment to the due date of anamount against which a credit is taken. No interest shall be allowed or paid ifthe amount is less than two dollars ($2.00).
(b) Date of payment. The provisions of §44-30-87(h) and (i) applicable in determining the date of payment of tax forpurposes of determining the period of limitation on credit or refund, shall beapplicable in determining the date of payment for purposes of this section.
(c) Income tax refund within ninety (90) days of due dateof tax If any overpayment of Rhode Island personal income tax is refundedwithin ninety (90) days after the last prescribed date, or permitted byextension of time, for filing the return of the tax, or within ninety (90) daysafter the return is in fact filed, no interest is allowed under this section onthe overpayment.
(d) Refund of tax caused by carryback of loss. Forpurposes of this section, if any overpayment of Rhode Island personal incometax results from a carryback of a net operating loss, the overpayment is deemednot to have been made prior to the close of the taxable year in which such netoperating loss arises.
(e) Cross reference. See § 44-30-87(c),terminating interest after failure to file notice of federal change under§ 44-30-59.