Representative Robert Nardolillo III. Announces TCB “Taking Care of Business” Small Business Package
STATE HOUSE -- Representative Robert Nardolillo III. (R- District 28, Coventry) intends to introduce a package of legislation aimed at drastically improving Rhode Island’s flailing economy.
Representative Nardolillo’s legislative package consists of three bills, aimed at reducing and eliminating taxes which burden both individuals and businesses. His package includes legislation eliminating the estate tax, reducing the sales tax from 7% to 3% and eliminating the tangible personal property tax.
Rhode Island is ranked 44th out of 50, in the Tax Foundation’s 2017 State Business Tax Climate Index. Rhode Island is also consistently ranked at the bottom of business friendliness surveys and its economy has failed to keep up with the economic recovery in other states. In 2016, Rhode Island ranked 50 out of 50 – dead last – in CNBC’s ranking of best states for business. By reducing and eliminating oppressive taxes, the TCB package is designed to provide desperately-needed relief to businesses and make Rhode Island competitive once again.
“Rhode Island residents are sick of seeing our state’s economy in a slump. We must empower the next generation with a strong, growing economy and the only way to do that is to take care of business,” Representative Nardolillo said.
He added, “Rhode Island is one of only fourteen states that still has an estate tax. Retirees typically move to states without an estate or inheritance tax, like Florida, to preserve their savings. It’s time to put an end to the estate tax here in Rhode Island, so retirees feel confident about living and investing in Rhode Island, while keeping their family unit intact, in the sunset of their years.”
“At 7%, Rhode Island has the highest sales tax in New England. Therefore, I am proposing a reduction to 3%, which would give Rhode Island the second lowest tax rate in New England – next to New Hampshire. This would boost sales across all industries, encouraging business growth and saving money for customers,” he went on to say.
“The Tangible Personal Property Tax is also a constant source of frustration for business owners in Rhode Island. It discourages manufacturers from purchasing the latest equipment. Many businesses have left Rhode Island for states without this onerous tax burden. It’s time we turn things around before it’s too late. TCB will encourage these firms to stay and invest in our state” Rep. Nardolillo concluded.
For more information, contact:
Raina C. Smith, House Minority Office
State House Room 106
Providence, RI 02903