(a) General.  Interest shall be allowed and paid as follows at the annual rate provided by § 44-1-7 upon any overpayment in respect of Rhode Island personal income tax:

(1)  From the date of the overpayment to a date, to be determined by the tax administrator, preceding the date of a refund check by not more than thirty (30) days, whether or not the refund check is accepted by the taxpayer after tender of the check to the taxpayer. The acceptance of the check shall be without prejudice to any right of the taxpayer to claim any additional overpayment and interest thereon;

(2)  From the date of the overpayment to the due date of an amount against which a credit is taken. No interest shall be allowed or paid if the amount is less than two dollars ($2.00).

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(b) Date of payment.  The provisions of § 44-30-87(h) and (i) applicable in determining the date of payment of tax for purposes of determining the period of limitation on credit or refund, shall be applicable in determining the date of payment for purposes of this section.

(c) Income tax refund within ninety (90) days of due date of tax.  If any overpayment of Rhode Island personal income tax is refunded within ninety (90) days after the last prescribed date, 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 is allowed under this section on the overpayment.

(d) Refund of tax caused by carryback of loss.  For purposes of this section, if any overpayment of Rhode Island personal income tax results from a carryback of a net operating loss, the overpayment is deemed not to have been made prior to the close of the taxable year in which such net operating loss arises.

(e) Cross reference.  See § 44-30-87(c), terminating interest after failure to file notice of federal change under § 44-30-59.