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 13 TOTAL RI TAX and CHECKOFF CONTRIBUTIONS 2019

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foreign wpri.com I'm Steph Machado Rhode Island's Senate leaders are making a big push to cut an unpopular tax paid by businesses you may not have even heard of the tangible tax but it's a type of property tax that businesses pay on the contents of their business so like furniture or kitchen equipment for example this varies from town to town but in Providence for example the annual tax is 5.3 percent of the value of those assets well Senate President Dominic ruggierio this morning said there should be a Statewide exemption for the first a hundred thousand dollars worth of tangible property that would mean most businesses wouldn't have to pay the tax anymore at all and those that do would have the first a hundred thousand dollars exempt of course this would mean a big loss in revenue for cities and towns so in the Senate proposal that was introduced today the state would reimburse municipalities for that lost Revenue we have more details on this new prop

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