Snow and heavy winds are in the forecast for today. There are varying opinions about a proposed corporate tax rate cut. These stories and more on the RIPR Morning News Podcast. And Bill Gale previews Festival Ballet Providence’s program coming this weekend to the Vets in Providence.
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The business community is applauding a proposed cut in Rhode Island’s corporate tax rate.
In his latest budget, Governor Lincoln Chafee calls for cutting the corporate tax from 9 to 7 percent over three years.
Greater Providence Chamber of Commerce head Laurie White calls that a smart move. “It would be a welcome change. It’s not a game-changer. There are lots of factors that contribute to positive business climate rankings and profile, but this is certainly a welcome step.”
(PROVIDENCE, RI) Gov. Lincoln Chafee won positive reviews Wednesday night for a state budget with no new taxes and a reduction in the corporate tax. The governor’s spending plan also includes more money for education and creating jobs.
Chafee’s budget for the fiscal year starting July 1st takes a different approach from his last two spending plans. Rather than proposing new taxes, the governor defended a decision to cut the corporate tax from nine to seven percent over three years. He says doing that makes sense even though money for social services remains tight.