2016 -- S 2621 | |
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LC003911 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2016 | |
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A N A C T | |
RELATING TO TAXATION - INTEREST CHARGES ON OVERDUE PROPERTY TAX | |
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Introduced By: Senators Raptakis, Jabour, Cote, Metts, and Kettle | |
Date Introduced: February 25, 2016 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-5-9 of the General Laws in Chapter 44-5 entitled "Levy and |
2 | Assessment of Local Taxes" is hereby amended to read as follows: |
3 | 44-5-9. Deductions and penalties to insure prompt payment. -- Any city or town may |
4 | provide for a deduction from the tax assessed against any person, if paid by an appointed time, or |
5 | for the penalties by way of percentage on a tax, if not paid at the time appointed, not exceeding |
6 | eighteen percent (18%) twelve percent (12%) per annum, as it deems necessary to insure punctual |
7 | payment; provided, that the city of Cranston may charge a penalty not exceeding twelve percent |
8 | (12%) per annum. |
9 | SECTION 2. This act shall take effect upon passage. |
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LC003911 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - INTEREST CHARGES ON OVERDUE PROPERTY TAX | |
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1 | This act would establish a statewide limit of twelve percent (12%) per year on interest |
2 | charged by cities and towns on delinquent taxes. |
3 | This act would take effect upon passage. |
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LC003911 | |
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