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 …

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 …

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 …

Highlights of the FY2018 Budget

OVERVIEW The 2018 budget for the fiscal year beginning July 1, 2017 was signed into law by the Governor on August 3, after the Senate and House came to agreement on the budget and a bill to monitor the impact of the phase out of the Motor Vehicle Tax. From July 1 through August 3, the state operated under the …

Understanding Rhode Island’s Motor Vehicle Tax

Summary of Rhode Island’s Car Tax The Motor Vehicle Tax (commonly known as the “Car Tax”) is a property tax collected by each Rhode Island municipality based on the value of each motor vehicle owned. There are three components that determine how much each individual car is taxed: valuation, tax rate and exemption. The valuation of the motor vehicle is …

Budget Highlights: FY2018 Budget

INTRODUCTION The Governor’s FY2018 budget (“the budget”) totals $9.3 billion, an increase of $47.5 million over the revised FY2017 budget. This includes $3.8 billion in general revenue (increased by $92.3 million from revised 2017) and $3.1 billion in federal funds (a decrease of $16.3 million from revised 2017) with the balance from restricted receipts and other sources. The budget proposal …

2016 Legislative Highlights

The general assembly enacted a budget for the 2017 fiscal year (July 1, 2016 – June 30, 2017) of $8.94 billion dollars. This includes $3.7 billion in general revenue funds, $3 billion in federal funds, $2 billion in “other” funds (such as the Unemployment Insurance Fund and the TDI fund) and $257 million in restricted receipts. Policymakers made modest investments …

Budget Highlights: FY2017 Budget

Governor Raimondo released her FY17 budget in February. We have highlighted several areas that are important to the fiscal health of the state and its residents. Common Sense Boosts for Rhode Island Working Families One of the core principles of the Governor’s 2017 budget proposal is “opportunity for all”. Helping hard-working families get ahead by supporting an increase in the minimum …