Bill > S2012

This bill mandates that any surplus state tax revenue received in any fiscal year be refunded to the taxpayers of Rhode Island on a proportional basis in relation to the personal income tax liability incurred by the taxpayers in that fiscal year. The state budget officer is required to determine by September 20 of each fiscal year whether the net state tax revenue exceeds the projected revenue estimates, and if so, the director of the department of revenue must calculate the excess amount and refund it to taxpayers accordingly. The bill also allows taxpayers to petition the courts to enforce these provisions, with successful petitioners able to recover reasonable attorneys' fees and other costs. The bill will take effect on July 1, 2024.