R.I. Gen. Laws § 44-1-7.1 — Interest on overpayments

(a) Each January 1 the tax administrator shall compute the rate of interest to be in effect
for that calendar year by reference to the prime rate, which was in effect on October
1 of the preceding year. The term “prime rate” shall mean the predominant prime rate
quoted by commercial banks to large businesses as determined by the board of governors
of the Federal Reserve System.
(b) Notwithstanding any general or specific statute to the contrary, overpayments of state
taxes or surcharges that are remitted to the tax division pursuant to § 39-21.1-14, shall bear interest at the prime rate as defined in § 44-1-7.1(a) from the date the tax or the surcharge that is referenced in this provision was paid,
or from the date including any extensions of the date the tax became due, whichever
of the dates occurs later.
(c) If any overpayment of state tax is refunded within ninety (90) days after the last
date prescribed (or permitted by extension of time) for filing the return of the tax,
or within ninety (90) days after the return is in fact filed, no interest shall be
allowed under this section on the overpayment.
(d) For the purposes of this section, if any overpayment of state tax results from a carry-back
of a net operating loss, the overpayment is deemed not to have been made prior to
the close of the taxable year in which the net operating loss arises.
(e) If any overpayment of a surcharge referenced in subsection (b) of this section is
refunded within ninety (90) days after notification of overpayment of the surcharge,
no interest shall be allowed under this section on the overpayment.