Woonsocket City Council President John Ward is concerned that jobs provided by CVS Caremark Corporation could vanish if the company loses a big chunk of a state tax credit.
"Based on their reaction, I'm a little concerned," Ward said, referring to how CVS lobbyist Robert Goldberg said the company may reconsider its ties to Rhode Island if it loses part of a job development tax credit worth about $15 million a year.
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.”
Gov. Lincoln Chafee says he’s having some trouble getting people to serve on the board of the Rhode Island Economic Development Corporation. Seven of the 13 board seats are empty and the agency has no director.
Chafee says people he’s approached are reluctant to serve because of the high-profile nature of the troubled agency.
Saul Kaplan, founder and head of the Business Innovation Factory, and a former director of the state Economic Development Corporation, joins the panel to discuss struggles at the EDC, the outlook for gun-related legislation, municipal finance woes in Woonsocket and more.
Saul Kaplan, head of the Business Innovation Factory, says Rhode Island has the necessary assets for a thriving economy. Part of the challenge, he says, is transforming the state's small size from an obstacle into a benefit.