Rhode Island Governor Lincoln Chafee has signed a budget bill establishing a tax amnesty program applicable to all state taxes collected by the Tax Administrator. The amnesty program will run from September 2, 2012 to November 15, 2012. Amnesty will apply to any taxable period ending on or prior to December 31, 2011. During the program, penalties will be waived for a taxpayer who submits an application and pays all tax and interest due or enters into an installment payment plan. Interest for periods covered by the program will be computed at the statutory interest rate less 25%. Eligible taxpayers can still apply for amnesty for taxable periods for which a bill or notice of deficiency determination has been sent and any periods in which an audit has been completed but not yet billed. Amnesty is not available to taxpayers who are under any criminal investigation or party to a pending civil or criminal proceeding for tax fraud. (Ch. 241 (H.B. 7323), Laws 2012, effective as noted)