Lawmakers, business owners promote proposed tangible tax in Woonsocket

WOONSOCKET, R.I. (WLNE) — State lawmakers and business owners were in Woonsocket Tuesday to promote a proposed bill to help small businesses in Rhode Island.

Sen. Melissa Murray, who proposed the tangible tax bill, and Rep. Brandon Voas were at Kay’s Restaurant on Cass Avenue to talk about the benefits of eliminating the tax.

In March, Murray introduced legislation that would exempt the first $100,000 of the tangible tax for these businesses.

A tangible tax is the tax that business owners pay on furniture, computers, and other equipment needed to operate their business. This tax is not related to the real estate tax.

If passed, experts predict that 85% of small businesses in the state wouldn’t have to pay that tax. Those who would, will have the first $100,000 paid.

The proposal, which has bipartisan support, would go into effect in fiscal year 2025, if approved.