2023-01-18 00:31:40

Rhode Island Governor to Propose Tax Relief in Budget Plan

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U.S. News & World Report
By Associated Press

PROVIDENCE, R.I. (AP) Rhode Islands governor said in his State of the State address Tuesday that he will propose broad tax relief in his forthcoming budget plan.

Democratic Gov. Dan McKee laid out his administrations legislative plans and budget priorities in the address to the General Assembly his second State of the State address.

McKee said in his prepared remarks the budget he will submit to the General Assembly this week will propose a broad tax relief plan to help Rhode Island residents navigate inflationary pressures and make the state a more competitive place to do business. McKee wants to reduce the state sales tax from 7% to 6.85%, which equates to about $35 million annually in taxes.

State law requires a 3-cent increase in the gas tax starting July 1, for $25 million annually in taxes. McKee is proposing to stop the increase. He also wants to give residents a rebate for the gross receipts tax on energy bills this winter, reduce the corporate minimum tax and eliminate a tax that businesses pay for litter. McKee said the litter tax is a nuisance for small businesses and does not pay for cleaning up litter, so the state should fund an initiative to tackle litter instead.

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