Details from $8.2B budget sent to Gov. Chafee
Details from the $8.2 billion Rhode Island budget proposal awaiting action by Gov. Lincoln Chafee after passing the Senate Thursday:
38 Studios debt. The House budget sets aside $2.5 million for a payment related to the state's failed investment in former Boston Red Sox pitcher Curt Schilling's video game company. Many lawmakers have called on the state to default, but Chafee and bond experts have warned that defaulting could hurt the state's reputation and increase borrowing costs.
No new taxes or fees.
$40 million in additional spending on public schools and higher education. The increase, which was recommended by Chafee, will allow state universities to hold the line on tuition.
A plan to delay the implementation of tolls on the new Sakonnet River Bridge until February while lawmakers research alternatives.
$7 million for a new road and bridge financing program for cities and towns championed by Treasurer Gina Raimondo.
The elimination of sales taxes on works of art, including performances.
$35 million in tax credits for historic redevelopment. Individual projects could receive up to $5 million.
The shift of more than 6,000 low-income parents from the state's RItecare health insurance program to the state's new federally funded health benefit exchange.
An alcohol tax experiment. Starting in December the state would temporarily eliminate sales taxes on wine and liquor but not beer and raise a tax on alcohol wholesalers and distributors that could be passed along to the consumer. It's unclear what effect the tax shift would have on consumer prices.
What's not in the budget:
No reduction in corporate income tax rates. Chafee had proposed reducing the rate from 9 percent to 7 percent over three years, but lawmakers removed the plan from their budget proposal to close a revenue gap.
$15 million less municipal aid than Chafee proposed.