The bill amends various sections of the Rhode Island General Laws concerning taxation, particularly focusing on the taxation of alcoholic beverages. Key changes include the introduction of new sections related to the tax administrator's authority, such as the requirement for Class A licensees to file annual sales and tax reports being removed. The timing for fund transfers from the tax administrator to various authorities is modified from a 24-hour requirement to a monthly schedule.

Additionally, the bill establishes a sales tax exemption for writers, composers, and artists residing in Rhode Island, with a certificate of exemption valid for four years from the date of issue. It mandates that the tax administrator must notify the division of taxation at least five business days before the sale or transfer of assets by corporations or limited liability companies.

The bill also revises provisions related to the assessment and collection of taxes, including a ten-year limitation on deficiency determinations for personal income tax, estate tax, and tobacco product tax. It clarifies the exclusion of certain liabilities classified as trust funds and specifies effective dates for its provisions, with sections 1 and 2 taking effect on January 1, 2026, while sections 3 and onward will take effect upon passage. Overall, the bill aims to streamline tax administration processes and enhance support for the arts.

Statutes affected:
614: 3-10-5, 31-36-20, 44-1-2, 44-18-0, 44-19-13, 44-20-5, 44-23-9, 44-30-83