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 administrator is granted the authority to prescribe regulations regarding record-keeping, the content and form of returns, and the filing of federal income tax returns.

A significant change in the bill is the deletion of the previous threshold for information returns, which was set at one hundred dollars ($100) or more. This has been replaced with a requirement for returns to be filed consistent with the applicable thresholds for informational filings established under federal law (26 U.S.C. 1 et seq.). The bill mandates that various entities, including employers and fiduciaries, file returns of information regarding payments made to Rhode Island personal income taxpayers by February 28 each year. The act will take effect upon passage.

Statutes affected:
3367: 44-30-58
3367  SUB A: 44-30-58