The nearly $10 billion fiscal 2020 budget signed by the Governor didn’t include all the provisions she originally included in her budget. Some of the provisions that received budget reductions or were eliminated are:
- The Real Jobs Rhode Island program which was created to retrain Rhode Island residents for high-demand, high-paying jobs (reduction)
- Qualified Jobs Tax Credit to 75% of the W-2 Rhode Island withholding for each newly created, eligible job under the program (reduction)
- Medicare Tax on large employer’s whose employees enroll in Medicaid (elimination)
- Expansion of the RI Promise to Rhode Island College (elimination)
- Universal public pre-K to only adding 280 seats (reduction)
- The Rebuild RI tax credit and the sales tax exemption (elimination).
The budget did include a newly created Rhode Island Small Business Development Fund to allow private investment in RI businesses with fewer than 250 employees or those with net income of less than $15 million per year. This Fund will provide access to capital for any small RI business.
The budget also includes a provision allowing any pass through entity to elect to pay a RI tax at the entity level and allow the pass through entity owner to offset his/her RI tax by the amount of the entity level tax. Please contact us for more information at 401-831-0200.