house finance committee

Politics
8:19 am
Thu March 7, 2013

Disagreement over Corporate Tax Rate Modifications

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.”

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On Politics
12:00 pm
Wed December 12, 2012

Surplus shrinks FY2014 deficit to $70M; long-term spending still a problem

A pre-session House Finance Committee meeting this afternoon offered a mix of good news and bad news: a larger than expected current-year surplus of about $47 million will roughly cut in half the deficit for the budget year starting next July 1, from $130 million to $70 million.

But the state’s structural deficit could grow to about $400 million in five years, due in part to overspending in some state departments. In an interview following the meeting, House Finance chairman Helio Melo said the state needs to be more disciplined:

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