NewsRadio 920 WHJJ and the Associated Press
PROVIDENCE, R.I. (AP) — The Rhode Island House is poised to vote on an $8.7 billion budget plan that cuts the corporate and estate tax, gets rid of the Sakonnet Bridge toll and covers the next 38 Studios bond payment.
The plan being taken up Thursday lowers the corporate tax from 9 percent to 7 percent and raises the estate tax threshold to $1.5 million. It eliminates the Sakonnet toll and hikes the gas tax and some fees to raise revenue for a statewide transportation infrastructure fund.
The House plan also includes $12.3 million for the next bond payment in connection with the bankruptcy of ex-Red Sox pitcher Curt Schilling's startup video game company. Some lawmakers who argue the state should default are likely to try to nix the payment during the floor debate.