The Rhode Island Division has announced the results of the recently completed Rhode Island tax amnesty program. The Division processed 10,461 amnesty applications and generated approximately $21.23 million in revenue.

“We are pleased that so many businesses and individuals came forward to take advantage of the many benefits of amnesty,” said Mark Furcolo, Director of the Department of Revenue. “For those who paid what they owed, we waived penalties and reduced interest by 25 percent. As a result, these taxpayers were able to get a Amnesty results clean slate, a fresh start,” he said.

Of the $21.23 million generated by the amnesty, the personal income tax resulted in the single largest amount of amnesty related deposits, totaling approximately $10.5 million.

Next was the sales tax, at approximately $4 million, and the corporate income tax, at $2.9 million.

Overall, the Division received amnesty-related deposits

involving 27 tax types and fees, totaling $21,232,400.70. That total includes $6,709,752.94 in interest and $14,522,647.76 in tax.

Under the terms of amnesty as set forth in statute, those who paid their tax in full were eligible for a waiver of penalties and a 25 percent reduction in interest. When the amnesty was completed, the Division ended up forgiving, in the aggregate, $9,213,456.27 in penalties and interest, in accordance with the terms of the amnesty statute.

The 75-day amnesty began in early December 2017 and ended on February 15, 2018. The Division continues to fine-tune amnesty totals and will include the finalized totals in its formal report on amnesty.