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Decrease in Tax Collections Spells Trouble for New England State Budgets
Posted by Cap Willey on Thu, Jun 29, 2017 @ 08:22 AM

Tax collections were lower than expected in Massachusetts, Rhode Island and Connecticut, leaving the states scrambling to minimize the damage to their budgets. New England isn’t alone in state taxation troubles. The National Association of State Budget Officers reported last fall that 25 states had collections below their budget forecasts in the 2016 fiscal year and 24 reported lower-than-estimated general fund revenues for 2017.

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Topics: Massachusetts, State tax, Cap Willey, Rhode Island Budget, state and local tax (SALT), new england state and local tax, Grafton Cap Willey, RI Budget, MA Budget, Connecticut

Rhode Island General Assembly Passes FY2016 Budget
Posted by Claudia Mullen on Mon, Jun 29, 2015 @ 09:39 AM

With passage by the Senate on June 23, 2015, the General Assembly gave its approval to the state's $8.7 billion FY2016 budget, tax-and-spend legislation that eliminates state income tax on Social Security benefits for many Rhode Islanders as well as removes taxes on utilities for businesses. Specifically, the budget eliminates the sales tax that non-manufacturing businesses pay on electric, natural gas and heating fuel bills. The tax will be eliminated in FY2016 at a cost to the state of $20 million. The original proposal had the tax phased out over a five-year period at a cost of $4.9 million in FY2016.

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Topics: Claudia Mullen, Rhode Island Budget, FY2016 Budget

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