Proposes a bond measure to authorize the State of Rhode Island to issue up to $36,000,000 in bonds, subject to voter approval, to support the Boys and Girls Clubs.
Provides that a portion of state income taxes from employees working at not-for-profit healthcare institutions, health service institutions, and educational institutions be allocated to the city of Providence.
Maddy summaryThis bill creates a tax credit program to encourage investments in small Rhode Island businesses with 99 or fewer employees. Under the new Rhode Island Local Investment Tax Credit Act, eligible taxpayers who invest in qualifying local businesses could receive a 50% tax credit, up to a maximum of $3,000 per business and $3,000 total per year. To qualify, the business must be headquartered in Rhode Island, derive at least 80% of its revenue from state operations, and hold at least 80% of its assets within the state. The state would annually appropriate funds from the general fund to offset any revenue loss from the tax credits, and the Rhode Island Commerce Corporation Strategic Fund would manage the certification process for eligible investments.
Allows a modification to federal adjusted gross income for all public pension benefits administered by the Employees Retirement System of Rhode Island.
Requires nonprofit entities who receive grants or other funding, to provide a detailed list of their ten highest paid directors, officers or employees’ salaries and benefits, including the names of said individuals.
Maddy summarySB 2022 repeals Rhode Island's minimum business corporation tax, which required corporations to pay at least $400 annually regardless of profits. This change directly affects corporations subject to Rhode Island's business tax, particularly those that would have owed the minimum amount under current law. The bill removes the $400 annual minimum tax provision (previously $450 for 2015-2016 tax years), meaning corporations will only pay tax based on their actual net income. The repeal takes effect upon the bill's passage.
Prohibits insurance companies from paying a rate that is less than the approved Medicaid rate set by the executive office of health and human services.
Exempts the trade-in value of pickup trucks under eight thousand eight hundred pounds (8,800 lbs.) gross weight, used exclusively for personal use, from sales tax.
Prohibits any city, town, quasi-municipal corporation or public corporation from assessing any existing agricultural operation or agricultural land for the extension of any water utilities past the property and from imposing any connection fee.
Maddy summarySB 2372 eliminates the sales tax on taxi services (including limousines and ride-hailing services) and pet care services (like grooming or boarding) in Rhode Island. This change directly affects businesses providing these services, removing their obligation to collect and remit sales tax on those specific offerings. The bill amends tax definitions to explicitly exclude these services from the list of taxable activities under Rhode Island's sales tax code. The policy change takes effect immediately upon the bill's passage.
