A special message from Chairman Joe McNamara????
July 1st kicks off a gorgeous Fourth of July weekend.?? Hopefully you will have time to celebrate with friends and family, relax over the long weekend, and maybe even take advantage of the reduced beach fees to enjoy our state’s beautiful coastline!
Today also marks the beginning of a new fiscal year for our state and the new state budget takes effect.?? Here are the TOP 10 ways the Fiscal Year 2017 Budget builds a stronger Rhode Island:??
1)?????? Jobs and the Economy. Speaker Mattiello has been relentless in his efforts to improve our economy and create jobs.?? This year, the General Assembly reduced the minimum corporate tax, overhauled the state’s burdensome regulatory framework, and saved businesses over $30 million in unemployment insurance.??????
2) ?? ??Tax Relief for Retirees.?? After exempting social security benefits from the state’s income tax last year, the General Assembly adopted a budget that gives even more tax relief to retirees.?? The FY 17 Budget exempts the first $15,000 of retirement income, such as public and private pensions, from the state’s income tax.??????
3) ?? ??Investing in Education.?? Our children are the workforce of tomorrow.?? The FY17 Budget fully funds the state’s school funding formula for the sixth consecutive year.?? The budget also includes funding for an English Language Learners pilot program and free SAT testing for high school students.??????
4)?????? Increasing the Earned Income Tax Credit. ??The FY17 Budget expands the state’s earned income tax credit by raising it from 12.5% to 15% of the federal credit.?? This increase will allow over 80,000 taxpayers to keep more of their hard earned money.????????
5)?????? Making College Affordable. Rhode Island’s higher education system should be accessible to every student.?? The FY17 Budget freezes tuition at CCRI, RIC, and URI for a second consecutive year. ??The General Assembly also supported a $20 million bond proposal to create an innovation campus at URI. ??We increased support for the Wavemaker Fellowship – a state incentive that defrays the burden of student loans – to retain and attract talented graduates.
6)?????? Supporting our Veterans. The FY 17 Budget provides support for those who have served our Nation. ??The first $15,000 of military pensions will also be exempt from the state’s income tax.?? The General Assembly also supported a $27 million bond proposal for the Veterans’ Home.??
7)?????? Raising Wages for Direct Care workers. ??Those who care for the developmentally disabled and our elderly in nursing homes barely earn enough to care for themselves.?? The FY17 Budget earmarks over $20 million in raises for these workers.
8)?????? Building the Economic Development Toolbox. The FY17 Budget maintains commitments to CommerceRI’s economic development initiatives, including the Rebuild Rhode Island tax credit, First Wave Closing Fund, and creating a program to grow T.F. Green Airport.
9)?????? Building affordable housing. Homeownership is quintessential to the American Dream.?? The FY17 Budget includes a $50 million bond proposal to build affordable housing throughout Rhode Island.??
10) ?? Slashing beach fees! The FY17 Budget cuts beach fees in half. So this Fourth of July weekend take a trip to the beach, relax with friends and family, and enjoy our state’s beautiful coastline.
This holiday weekend, as you share your love of Rhode Island and our great nation, with your friends, family and neighbors, make sure that they know the great work that happened to continue Rhode Island’s comeback – we think they’ll want to know! ????