Rhode Island legislation · 2026 Regular Session
Rhode Island S2099: AN ACT RELATING TO TAXATION -- SURPLUS FUNDS TAX CREDIT ACT (Mandates that any surplus state tax revenue received in any fiscal
Status: Failed, May 26, 2026
AN ACT RELATING TO TAXATION -- SURPLUS FUNDS TAX CREDIT ACT (Mandates 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.)
What the bill says
From the introduced text, January 16, 2026:
2026 -- S 2099 ======== LC003285 ======== STATEOFRHODEISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ ANACT RELATING TO TAXATION -- SURPLUS FUNDS TAX CREDIT ACT Introduced By: Senators Rogers, Paolino, E Morgan, and de la Cruz Date Introduced: January 16, 2026 Referred To: Senate Finance It is enacted by the General Assembly as follows: SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by adding thereto the following chapter: CHAPTER SURPLUS FUNDS TAX CREDIT ACT 44-73-1. Title. This chapter shall be known and may be cited as the "Surplus Funds Tax Credit Act." 44-73-2. Tax credit resulting in taxpayer refund. (a) If net state tax revenues in any fiscal year exceed the projected revenue estimates as contained in the budget for said fiscal year, the amount of such excess, as determined by the state budget officer and reported to the director of the department of revenue by September 1 of each fiscal year, shall result in a credit equal to the total amount of such excess. The credit shall be applied to the then current personal income tax liability of all taxpayers on a proportional basis to the personal income tax liability incurred by all taxpayers in the immediately preceding taxable year. (b) Upon receipt of the report by the director required in subsection (a) …
Sponsors
- Gordon Rogers (R, SD-021) · primary sponsor
- Thomas Paolino (R, SD-017)
- Elaine Morgan (R, SD-034)
- Jessica de la Cruz (R, SD-023)
Latest actions
- : Committee recommended measure be held for further study
- : Scheduled for hearing and/or consideration
- : Introduced, referred to Senate Finance
Votes
- Senate Committee on Finance: Passage (May 26, 2026): 8 yea, 0 nay, passed
Subjects: TAXATION
Common questions
- What is S2099?
- S2099 is a bill in the Rhode Island Legislature (2026 Regular Session): AN ACT RELATING TO TAXATION -- SURPLUS FUNDS TAX CREDIT ACT (Mandates that any surplus state tax revenue received in any fiscal .
- What does S2099 do?
- AN ACT RELATING TO TAXATION -- SURPLUS FUNDS TAX CREDIT ACT (Mandates 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.)
- What is the status of S2099?
- Failed as of May 26, 2026. Latest action: Committee recommended measure be held for further study (May 26, 2026).
- Who sponsored S2099?
- Gordon Rogers (R, SD-021), with 3 co-sponsors.
- Where is the official record for S2099?
- On the Rhode Island Legislature website: http://webserver.rilegislature.gov/BillText/BillText26/SenateText26/S2099.pdf
Source: official Rhode Island record. Tracked by Delilah, AI for legislation across all 50 states and Congress.