The House Finance Committee is expected to vote this Thursday on a new state budget for the fiscal year beginning July first. The General Assembly traditionally makes significant revisions to the governor’s proposed spending plan.
A House spokesman says the budget will reflect some of House Speaker Nicholas Mattiello’s priorities, including a cut in the corporate tax rate from 9 to 7 percent. The spending plan is also expected to cut the estate tax, eliminate tolls on the Sakonnet River Bridge, and include a 12-point-3 million dollar payment for paying back 38 Studios’ bondholders.
Yet it remains unclear for now how lawmakers will wipe out a deficit of close to 70 million dollars in the fiscal year 2015 budget.
The eight and a half billion dollar spending plan unveiled by Governor Lincoln Chafee in January avoided broad-based taxes. Chafee’s budget also included new investment in education and infrastructure.
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