State Budget: Some Good News for Taxpayers

The state budget proposed by Gov. Carcieri has several taxpayer-friendly elements. Here are the details from The Providence Journal:

● Carcieri has committed to continuing the phase-in of a controversial income-tax break — known as the “flat tax” — for the state’s wealthiest taxpayers at a projected cost in lost tax revenues of $51.6 million next year.

● And in an effort to advance job creation, Carcieri is proposing a brand new $2,000 tax credit for each new worker hired off the state’s unemployment and welfare rolls, or straight out of college or technical school, by a business with between 5 to 100 employees.

● On the tax front, the governor is also seeking to cut in half a $500 minimum corporate/franchise tax required from businesses, regardless of whether they turn a profit.

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