The bill amends Section 44-30-58 of the General Laws in Chapter 44-30, which pertains to personal income tax. It introduces new legal language that outlines the requirements concerning returns, notices, records, and statements. The tax administration is granted the authority to prescribe regulations requiring returns of information to be made and filed on or before February 28th of each year, with filing thresholds consistent with the applicable thresholds for informational filings established under the Internal Revenue Code of 1986, as amended.

The bill removes the previous threshold for reporting payments of $100 or more, replacing it with the requirement for returns of information to be filed in accordance with federal standards. This adjustment aims to align state reporting requirements with federal regulations. The bill is set to take effect upon passage.

Statutes affected:
8604: 44-30-58