Finance Committee To Take First Pass At 2015 State Budget

Jun 5, 2014

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.

The House Finance Committee is expected to voted on the State Budget Thursday night.
Credit Aaron Read / RIPR

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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