In a ceremony at the Statehouse today, Governor Lincoln Chafee signed into law the state's budget for fiscal year 2015.
The spending plan cuts the corporate tax rate from nine to seven percent. It includes a $12.3 million dollar payment on the state's 38 Studios loan debt. And it requires the collection of higher vehicle inspection fees. The budget also eliminates tolls on the Sakonnet River Bridge. The budget does not reduce structural deficits, projected to grow to hundreds of millions of dollars over the next few years.
The budget also ensures that voter bonds for infrastructure, higher education, the environment, and the arts will be included on this year’s ballot
The governor included a "Letter of Transmittal" with the signed budget, noting his concern about the need to fund pay raises for state employees.