RI lawmaker pitches tax cut for new businesses
A state lawmaker has a proposal to give broad seven-year tax exemptions to businesses relocating to Rhode Island.
The bill from Republican state Rep. Anthony Giarrusso of East Greenwich would also extend the seven-year tax exemption to new startup businesses.
Giarrusso says his proposal will send a bold message that Rhode Island is serious about turning its economy around.
The legislation would also give a seven-year exemption from personal income taxes to employees hired by the new businesses within 180 days of their arrival in the state. The companies would be exempted from sales taxes and franchise taxes.
The exemption wouldn't apply to certain businesses, including restaurants, real estate brokers, medical practices or accounting or business consulting firms
The bill hasn't been scheduled for a vote.