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A New Plan To Cut Business Taxes In Rhode Island

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A New Plan To Cut Business Taxes In Rhode Island

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A New Plan To Cut Business Taxes In Rhode Island
A New Plan To Cut Business Taxes In Rhode Island

Hasbro is one of the Rhode Island companies that could look into tangible property tax breaks. © Richard Drew Hasbro is one of the few Rhode Island companies that could benefit from a material property tax cut.

Senate spokesman Dominic Ruggerio is on the corporate tax cut.

Speaking to the Northern Rhode Island Chamber of Commerce, if you open Rhode's card as soon as it appears in your mailbox (and you should), Ruggerio reveals how he plans to make your first $100,000. The company is tax free.

When you think of material goods, think of Hasbro computers or the Twin Oaks flea market. Cities and counties levy taxes on tangible property, so Ruggerio's proposal calls for an annual refund of $36.6 million to the municipality (similar to how the state currently returns vehicle taxes).

“Property taxes are more than just a financial burden; It's also a matter of administration, especially for small businesses," Ruggerio said in a prepared statement. "Compliance is difficult, and some small businesses need to hire an accountant to meet the requirements."

Ruggerio estimates that 85% of Rhode Island corporations will pay no taxes and all corporations will receive some form of tax break. The Rhode Island Public Expenditure Council is one of the groups campaigning for the cut.

The big picture: Three months into the legislature, the top priorities of the Senate and House are becoming increasingly clear. Ruggerio wants a big tax cut, House Speaker Joseph Shekarchi wants a housing package, and everyone wants to be in Congress.

Governor Dan McKee isn't done yet, although he likely won't be fighting Ruggerio or Shecarci over their grand plan. Today is under greater pressure due to increased spending on various economic development projects, and we also anticipate a massive 100 day plan to bring Rhode Island schools on par with Massachusetts in test scores by 2030.

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This story first appeared on Rhode Maps, our free Rhode Island newsletter featuring information about local events, links to interesting stories, and more. If you want to receive emails from Monday to Friday, you can subscribe here.

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