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Chafee to sign $8.7B budget for fiscal 2015

 

PROVIDENCE, R.I. (AP) — Gov. Lincoln Chafee is poised to sign a state budget for the coming fiscal year that lowers the corporate tax, increases spending on public education and includes the second payment for the 38 Studios bonds.

The Democratic governor plans to sign the budget in a Statehouse ceremony Thursday afternoon. It passed the House and Senate comfortably.

The budget lowers the corporate tax rate from 9 to 7 percent and raises the estate tax exemption to $1.5 million. It also creates a transportation infrastructure fund for road and bridge maintenance. Legislators did away with the Sakonnet toll but hiked the gas tax and some fees to help pay for projects.

House and Senate leaders are expected to attend the signing.

The new fiscal year begins July 1.

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