House panel approves $8.7B budget plan - ABC6 - Providence, RI and New Bedford, MA News, Weather

House panel approves $8.7B budget plan

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By Melissa Randall

mrandall@abc6.com

It was a busy night at the State House Thursday.

In the end, the House Finance Committee signed off on the $8.7 billion budget plan.

The plan includes funding the next $12.3 million 38 Studios moral obligation bond.

It also calls for a drop in corporate tax from 9 % to 7%, and would raise the threshold for estate tax.

The budget will put $248 million in bond questions for things ranging from mass transit development to water infrastructure projects.

It also kills the Sakonnet River Bridge toll.

House Speaker Nick Mattiello says, "We are going to better the infrastructure across the state."

"This is a critical part of economic development," says Senate President Teresa Paiva Weed.

Under the plan, the inspection sticker fee is going up to $55, and the gas tax will go up one cent in July of 2015.

It will also draw from existing sources of revenue.

A full floor vote is expected next week, which will put the House paced to wrap up session by June 20.

(C) WLNE–TV 2014
Follow me on Twitter @MelissaARandall
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