Highlights of the 2019 General Assembly Session: 2020 Enacted Budget and Legislation

Overview The 2020 budget (“the budget”) for the fiscal year beginning July 1, 2019 totals $9.971 billion: General Revenues  $4,077,594,991 40.9% Federal Funds  $3,325,364,065 33.4% Other Funds  $2,256,279,162 22.6% Restricted Receipts  $311,382,120 3.1% Total  $9,970,620,338 100% General Revenues include personal income taxes, corporate income taxes, sales taxes, and use fees. Federal Funds include, among other things, matching funds for Medicaid …

Improving Access and Quality: Rhode Island’s Child Care Assistance Program

In March 2018, Congress approved legislation to almost double the amount of discretionary funds for the main federal-state program to assist low-income families with child care expenses. Rhode Island received $5.1 million of these funds and has used the money as a catalyst to improve access and quality. The state’s no waiting-list policy of accepting all those eligible has continued, …

Why Repealing/Cutting the Estate Tax Will Hurt Rhode Island

Rhode Island’s estate tax provides revenues for programs and services critical to a strong economic foundation for the Ocean State. In 2014, the General Assembly increased the estate tax exemption to $1.5 million (an amount which has increased, due to inflation adjustments, to $1,561,719). In the four years since this change, Rhode Island has foregone $103.2 million in revenues through …

Highlights of the Governor’s Proposed FY2020 Budget

The Governor’s proposed FY2020 budget (“the budget”) totals $9.9 billion, an increase of $358 million (M) over the enacted FY2019 budget. This includes $4.1 billion in general revenue ($167M more than 2019), $3.3 billion in federal funds ($110M more than 2019) with the balance from restricted receipts ($30M) and other sources such as lottery revenue ($2.3 billion). We have highlighted …

Rhode Island Women of Color 2018

On January 2, the Institute co-released its latest infographic Rhode Island Women of Color 2018: A Snapshot with the Women’s Fund of Rhode Island. Rhode Island women of color experience significant barriers to opportunity with respect to wages, education, and affordable housing. DOWNLOAD THE INFOGRAPHICENGLISH / SPANISH

Who Pays?, 6th editon

A new study recently released by the Institute on Taxation and Economic Policy (ITEP) and The Economic Progress Institute finds that the lowest-income Rhode Islanders pay 53 percent more in taxes as a percent of their income compared to the state’s wealthiest residents. The study, Who Pays? A Distributional Analysis of the Tax Systems in All 50 States, analyzes tax …

Highlights of the 2018 General Assembly Session: 2019 Enacted Budget and Legislation

The 2019 budget (“the budget”) for the fiscal year beginning July 1 totals $9.6 billion, including $3.2 billion in federal funds, $3.9 billion in general revenue, $282 million in restricted receipts and $2.2 billion in “other” funds (including the Unemployment Insurance Fund and tuition and fees from CCRI, URI and RIC). (Figure 1) The enacted budget is $195 million higher …

Medicaid Matters in Rhode Island 2018

Rhode Island’s Medicaid Program serves approximately one-in-three Rhode Islanders, providing access to primary and preventive health care services for children, parents, adults, seniors and people with disabilities. Medicaid is the primary funder for long-term care services that children and adults with significant disabilities and seniors need to live safely at home or to pay for care in a nursing facility …

The Tax Cuts and Jobs Act Overview

In December, Congress passed, and the President signed into law, the Tax Cuts and Jobs Act (“the Act”) which includes changes to both the federal personal income tax and the federal corporate income tax. The Act results in very large tax cuts for higher-income earners, foreign investors, and corporations. The resulting loss of an almost $1.5 trillion in federal revenue …

Highlights of the Governor’s Proposed FY 2019 Budget

The Governor’s proposed FY2019 budget (“the budget”) totals $9.2 billion, an increase of $5.2 million over the enacted FY2018 budget. This includes $3.8 billion in general revenue (increased by $25.0 million from enacted FY2018) and $3.1 billion in federal funds (a decrease of $52.3 million from enacted FY2018) with the balance from restricted receipts and other sources. The following provides …