§ 44-11-7.1 - Limitations on assessment.
SECTION 44-11-7.1
§ 44-11-7.1 Limitations on assessment.– (a) General. Except as provided in this section, the amount of the Rhode Islandcorporate income tax shall be assessed within three (3) years after the returnwas filed, whether or not the return was filed on or after the prescribed date.For this purpose, a tax return filed before the due date shall be considered asfiled on the due date.
(b) Exceptions. (1) The tax may be assessed at any time if:
(i) No return is filed.
(ii) A false or fraudulent return is filed with intent toavoid tax.
(2) Where, before the expiration of the time prescribed inthis section for the assessment of tax, or before the time as extended, boththe tax administrator and the taxpayer have consented, in writing, to itsassessment after that time, the tax may be assessed at any time prior to theexpiration of the agreed upon period.
(3) If a taxpayer's deficiency is attributable to anexcessive net operating loss carryback allowance, it may be assessed at anytime that a deficiency for the taxable year of the loss may be assessed.
(4) An erroneous refund shall be considered to create anunderpayment of tax on the date made. An assessment of a deficiency arising outof an erroneous refund may be made at any time within three (3) yearsthereafter, or at any time if it appears that any part of the refund wasinduced by fraud or misrepresentation of a material fact.
(c) Notwithstanding the provisions of this section, the taxmay be assessed at any time within six (6) years after the return was filed ifa taxpayer omits from its Rhode Island income an amount properly includabletherein which is in excess of twenty-five percent (25%) of the amount of RhodeIsland income stated in the return. For this purpose there shall not be takeninto account any amount which is omitted in the return if the amount isdisclosed in the return, or in a statement attached to the return, in a manneradequate to apprise the tax administrator of the nature and amount of the item.
(d) The running of the period of limitations on assessment orcollection of the tax or other amount, or of a transferee's liability, shall,after the mailing of a notice of deficiency, be suspended for any period duringwhich the tax administrator is prohibited from making the assessment or fromcollecting by levy, and for sixty (60) days thereafter.
(e) No period of limitations specified in any other law shallapply to the assessment or collection of Rhode Island corporate income tax.