A Sound, Innovative and Compassionate Budget
Friend,
The Senate has many important responsibilities to fulfill when it comes into session each year, but none has an impact as immediate and far-reaching as approving a state budget.
The document governing the state’s annual spending touches on virtually every issue we deal with at the State House, and it has implications for every Rhode Islander.
We are proud to say that the Fiscal 2024 budget signed into law this week includes many of the Senate’s top priorities and advances our work in numerous critical policy areas, all while ensuring we are prepared for whatever economic conditions are ahead.
To support businesses, and especially the small businesses that make up the backbone of our economy, the budget includes a $50,000 tangible personal property tax exemption.
The tangible tax is a financial and administrative burden for businesses and an enforcement burden for municipalities. It holds businesses back and strains local resources. Thanks to this exemption, 75% of Rhode Island businesses will have no tangible tax liability going forward – and every business will see its tax bill reduced. Sen. Melissa Murray deserves enormous credit for her leadership on this important issue.
The budget also includes the creation of the Hope Scholarship pilot program, which will cover two years of tuition and fees for eligible students during their junior and senior years at Rhode Island College.
This initiative, championed by Majority Leader Ryan Pearson, will create new opportunities for students and strengthen Rhode Island’s workforce development efforts. It’s a great investment in our future.
Those are just two of the top highlights from the budget. The plan also increases the Earned Income Tax Credit, provides immediate support for retired public employees, boosts education funding for multi-language learners and students living in poverty, creates an innovative new mechanism for RIDOT to help cities and towns with roadway repairs, strengthens our early childhood system, makes broad investments in critical areas of our workforce, and much more.
Bottom line: This is a good and responsible budget. It addresses many critical areas of need, provides meaningful relief for Rhode Islanders, and makes essential investments that will have benefits for years to come.
Each year, the budget review requires a major investment of time and energy on the part of Senators, staff members, and many others. There are months of hearings and many late nights, not to mention the countless hours of research, preparation, and negotiation throughout the process.
We want to thank and recognize Finance Chairman Lou DiPalma, the entire Finance Committee, and all the staff members involved for their dedication over the last several months. We deeply appreciate all your hard work and your continued commitment to serving our state.
Sincerely,
The RI Senate Leadership Team