Rhode Island House to vote on $8.7B budget plan

By: the Associated Press
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PROVIDENCE, R.I. (AP) _ The Rhode Island House is debating 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 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 budget 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.

An effort to eliminate a provision preventing municipalities from setting their own minimum wage was defeated.

A vote is expected later Thursday.
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