Rep. O’Brien introduces legislation that lowers business corporation tax
STATE HOUSE – Rep. William W. O’Brien has introduced legislation (2016-H 7884) that would lower the state’s business corporation tax from 7% to 6%. The rate change would take effect upon passage of the legislation.
“Rhode Island small businesses have been hit hard, especially since the Great Recession, and they need all of our support to continue prospering within our state,” said Representative O’Brien (D-Dist. 54, North Providence). “This legislation is about promoting economic growth within our state. Although Rhode Island’s growth has been slower than the rest of the country, I believe cutting the corporation tax rates in the past helped spur our current recovery and now it’s time to support that growth even further.”
“It is vitally important that we support our small businesses in any way that is possible,” said Rep. Arthur J. Corvese (D-Dist. 55, North Providence), co-sponsor of the bill. “The constant complaint I hear from our small business owners is about our tax structure and I believe this legislation will alleviate some of their concerns.”
Representative O’Brien supported the state budget two years ago that saw the business corporation tax rate reduced from 9% to 7%. He noted at that time, the Rhode Island unemployment rate was around 10% and now with the unemployment rate significantly less, he believes it is time to help Rhode Island’s small businesses with another cut to their business corporation tax rate.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903