House Speaker Nicholas Mattiello is praising the budget approved by a legislative committee Tuesday a pro-business spending plan for the state. The budget is considered a political victory for Governor Gina Raimondo since she got most of what she wanted.
The House Finance Committee’s budget eliminates the business sales tax on utilities, reduces the $500 corporate minimum tax by $50, and includes incentives meant to spark jobs. Speaker Mattiello points to how it also cuts taxes on Social Security benefits and increases a tax credit meant to help the poor.
“It’s a fair budget, it’s a good budget, it’s a bold budget, and it’s a very pro-business, pro-job budget. I’m very pleased with it,” said Mattiello
North Smithfield Representative Brian Newberry said he understands why all the Republicans on the Finance Committee voted for the budget.
“I’m happy that we’re looking into these things we’ve been pushing for years – Social Security tax cuts, Medicaid reform, the corporate tax cuts,” said Newberry. “And I want people to understand, the energy tax cut, the sales tax, that’s big for business. That’s a huge one. We’ve been pushing those things for years.”
The spending plan also eliminates a sales tax on energy for businesses.
One thing not in the budget is Governor Raimondo’s plan to toll trucks to pay for bridge improvements. That, along with a revised PawSox stadium proposal, may come up in a special legislative session later this year.
The full House is slated to vote on the budget next Tuesday.
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