R.I. Gen. Laws § 44-1-7 — Interest on delinquent payments

(a) Whenever the full amount of any state tax or any portion or deficiency, as finally
determined by the tax administrator, has not been paid on the date when it is due
and payable, whether the time has been extended or not, there shall be added as part
of the tax or portion or deficiency interest at the rate as determined in accordance
with subsection (b) of this section, notwithstanding any general or specific statute
to the contrary.
(b) Each January 1 the tax administrator shall compute the rate of interest to be in effect
for that calendar year by adding two percent (2%) to the prime rate, which was in
effect on October 1 of the preceding year, except:
(1) Before January 1, 2023, in no event shall the rate of interest exceed twenty-one percent
(21%) per annum nor be less than eighteen percent (18%) per annum;
(2) On and after January 1, 2023, in no event shall the rate of interest exceed twenty-one
percent (21%) per annum nor be less than twelve percent (12%) per annum except:
(i) For trust fund taxes as established by §§ 44-19-35 and 44-30-76, in no event shall the rate of interest exceed twenty-one percent (21%) per annum
nor be less than eighteen percent (18%) per annum.
(c) “Prime rate” as used in subsection (b) of this section means the predominant prime
rate quoted by commercial banks to large businesses as determined by the board of
governors of the Federal Reserve System.
(d) Notwithstanding any provisions of the general laws to the contrary, the tax administrator
shall waive interest and penalty on the taxable portion of each Paycheck Protection
Program loan taxed pursuant to §§ 44-11-11(a)(1)(iv), 44-14-11, and 44-30-12(b)(8) and forgiven during tax year 2020 provided that the tax on that portion is paid in
full on or before March 31, 2022. The tax administrator shall make available suitable
forms with instructions for making tax payments on the taxable portion of such forgiven
Paycheck Protection Program loans.