NewsRadio 920 WHJJ and the Associated Press
PROVIDENCE, R.I. (AP) — An Economic Progress Institute analysis says the House budget plan would eliminate $3.9 million worth of tax assistance for low- and moderate-income individuals.
The budget plan modifies Rhode Island's earned income tax credit and eliminates for anyone who isn't elderly or disabled a program that provides a property tax credit of up to $300.
Executive Director Kate Brewster says tax assistance would be shifted from those with low and modest incomes to the wealthy, calling that "extremely disappointing."
The budget plan cuts the estate tax at an estimated cost of $9.4 million in fiscal 2015. About 200 estates paid the tax in 2013.
Brewster says the state would spend more in 2015-2016 on the earned income tax credit, but low-income tax assistance would be returned only to current levels.
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