Chafee signs $8.7B budget for fiscal 2015 - ABC6 - Providence, RI and New Bedford, MA News, Weather

Chafee signs $8.7B budget for fiscal 2015

Posted: Updated:

PROVIDENCE, R.I. (AP) _ Gov. Lincoln Chafee has signed an $8.7 billion state budget for fiscal year 2015 that lowers the corporate tax, increases public education spending and honors the debt related to 38 Studios.

The Democratic governor signed the budget in a Statehouse ceremony Thursday afternoon.        

House Speaker Nicholas Mattiello called it a bold budget that sets Rhode Island in a new direction and sends a message the state is ``open for business.''

Senate President Teresa Paiva Weed said it invests in critical areas including education and infrastructure.        

The spending plan 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 and includes $10 million to preserve a higher education tuition freeze. 

(C) The Associated Press 2014

Powered by WorldNow

10 Orms Street Providence, R.I. 02904

All content © Copyright 2000 - 2014 WorldNow and WLNE.
All Rights Reserved.

For more information on this site, please read our Privacy Policy and Terms of Service.