Bill
Bill > S2099
RI S2099
RI S2099Mandates that any surplus state tax revenue received in any fiscal year would be refunded to the taxpayers of this state on a proportional basis in relation to the personal income tax liability incurred by the taxpayers in that fiscal year.
summary
Introduced
01/16/2026
01/16/2026
In Committee
01/16/2026
01/16/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
This act would mandate that any surplus state tax revenue received in any fiscal year would be refunded to the taxpayers of this state on a proportional basis in relation to the personal income tax liability incurred by the taxpayers in that fiscal year. This act would take effect on July 1, 2026.
AI Summary
This bill, known as the "Surplus Funds Tax Credit Act," mandates that if the state collects more tax revenue than it projected in any given fiscal year, the excess amount will be refunded to taxpayers. This refund will be distributed proportionally based on the amount of personal income tax each taxpayer paid in the preceding tax year, meaning those who paid more income tax will receive a larger share of the surplus. The state budget officer will determine the surplus by September 1st, and the director of revenue will calculate the specific refund amounts and implement the process, with the law taking effect on July 1, 2026. Furthermore, the bill allows for taxpayers to petition the courts to enforce these provisions, and if successful, they can recover their legal costs from the state.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Introduced, referred to Senate Finance (on 01/16/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://status.rilegislature.gov/ |
| BillText | https://webserver.rilegislature.gov/BillText26/SenateText26/S2099.pdf |
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