Highlights of Governor’s Proposed FY2022 Budget

Last month, Governor McKee released his FY2022 proposed budget. The “budget” totals $11.17 billion, a decrease of $1.56 billion over the enacted FY2021 budget. The Institute analyzed the budget, taking a look at proposals that are important to the fiscal health of the state and its residents. Here are some key points from the perspective of what will impact the …

Highlights of the 2020 General Assembly Session: 2021 Enacted Budget and Legislation

The $12.7 billion Fiscal Year 2021 budget was finally passed by the Rhode Island General Assembly and signed into law by Governor Gina Raimondo in December 2020. This budget was described as a “skinny” budget, meaning that no new measures were included vis-à-vis the FY2020 budget. That is, almost nothing proposed in January 2020 by Governor Raimondo in her recommended …

How to Cover Rhode Island’s Revenue Shortfall

With the economic fallout from the COVID-19 crisis, Rhode Island faces an estimated revenue shortfall of at least $617.7M for FY2021. As policymakers design the state’s FY2021 budget, they will consider this shortfall and means of addressing it. Contrary to claims that cutting spending will prove an absolute necessity, policymakers have options for avoiding destructive cuts — cuts that will …

Rhode Islanders Don’t Move Because of Tax Policy

In order to grow thriving families and communities and a prosperous economy, Rhode Island depends upon tax revenues to provide for critical public goods and services. Rhode Island’s personal income tax system is moderately progressive, meaning that individuals and families with the lowest incomes pay a lower percentage than those with higher incomes. Those with the highest incomes can afford …

COVID-19: Protecting Rhode Islanders and the State’s Economy

The COVID-19 pandemic is both a public health crisis and an economic crisis. When put together these become a moral crisis. Many people have been asked to make temporary economic sacrifices in order to protect public health and save lives. When we ask people to make such sacrifices, we, as a state, have a moral obligation to help them. And …

COVID-19

The Economic Progress Institute staff are especially focused on how COVID-19 is impacting low-income communities throughout Rhode Island. These communities, which are disproportionally communities of color, are bearing greater burdens than most – both from the virus’s spread and disruptions to the economy. On this page you can find factsheets on these topics: Health Care Paid Leave and UI Options …

Are Economic Development Tax Incentives Reports Facilitating Transparency and Accountability?

Like most states, Rhode Island offers numerous tax incentives seeking to generate economic activity and create jobs. These Economic Development Incentives aim to leverage state revenues to encourage new business startups, facilitate the expansion of existing businesses, and attract new businesses to the state. The incentives take many forms, including those of tax credits, tax exemptions, tax deductions, and preferential …