RI Business Coalition to Host Virtual Press Conference on Taxation PROVIDENCE, RI –
The Rhode Island Business Coalition, representing a coalition of trade associations, chambers of commerce and industry organizations, announced today they will be hosting a virtual press conference Monday, May 24th at 1:00 PM.
The event, which will be held via Zoom, will be approximately one hour in length and focus on legislation pending before the Rhode Island General Assembly that would raise taxes on Rhode Island businesses and individuals.
Coalition members and prominent business leaders are scheduled to speak in opposition to the legislation. More than twenty business organizations and business leaders have formally expressed opposition to these proposed tax increases. Although the House and Senate versions differ slightly, all add one new tax bracket for purposes of Rhode Island state income taxation [bills: H5227, H5229 and S.326, S.362, S.370]. A proposed tax on PPP loan forgiveness [HB6121 Article 2- Relating to the Paycheck Protection Program] is also being opposed by the group.
The statement from the group said in part, “the PPP loan was a lifeline for small businesses in Rhode Island and provided direct aid which enabled businesses to pay rent, utilities and, most importantly, employ the thousands of people in Rhode Island who depend on these jobs. Most states are not taxing businesses for the PPP loan forgiveness, which is a direct tax on small businesses in Rhode Island.
The majority of businesses in the state face uncertainty and we urge the members of the General Assembly to reject these proposals and support job creation and a healthy business climate.” The action follows an announcement earlier this week by Governor McKee stating he does not support legislation to increase income tax brackets because of the recent announcement from the Office of Management and Budget projecting a revenue surplus in excess of $416M for fiscal year ending June 30th and nearly $150M in additional revenues for FY2021-22, according to the May Revenue Estimating Conference.
The numbers do not include revenue from the $1.78B in Federal stimulus funds, PPP forgiveness or the income tax proposals. This press conference will be presented virtually through Zoom. To register, go to https://tinyurl.com/rm6za6zn – About RI Business Coalition – The Rhode Island Business Coalition (RIBC) is a coalition of trade associations, chambers of commerce and other industry organizations representing businesses and employers within the State of Rhode Island.
The Rhode Island Business Coalition has been in operation since its founding 2013 and coordinates legislative and administrative positions on behalf of the coalition, not individual members. RIBC promotes legislation that encourages economic development, job creation and a strong business climate. The organization acts as a lead organizer on behalf of the members of the Coalition regarding specific legislation resolutions and spearheads efforts working with legislative leaders and bill sponsors.
RI Business Coalition Member Listing: ACEC – Rhode Island Associated Builders and Contractors East Greenwich Chamber of Commerce Energy Marketers of Rhode Island Greater Newport Chamber of Commerce International Council of Shopping Centers Martisian & Associates* NFIB (National Federal of Independent Businesses)* North Kingstown Chamber of Commerce Northeast Retail Lumber Northern Rhode Island Chamber of Commerce Rhode Island Association of Realtors Rhode Island Builders Association Rhode Island Business Group on Health Rhode Island Hospitality Association Rhode Island Manufacturing Association Rhode Island Marine Trades Association Rhode Island Partnership for Home Care Rhode Island Society of CPAs/RI Business Forum Rhode Island Staffing Association SENEDIA US Small Business Administration, Rhode Island District Office* and Small Business Subcommittee*
(*indicates non-voting affiliate member)