MEDIA ADVISORY: House Finance meets today, Wednesday, and Thursday to hear a variety of legislation and amended ‘Amazon Tax’ FY 2017 budget article
STATE HOUSE – The House Committee on Finance will be meeting three times this week to hear testimony on a variety of legislation as well as an amended budget article in the FY 2017 budget concerning the “Amazon Tax.”
Today, Tuesday, May 30 at the RISE of the House in Room 35 of the State House, the Finance Committee will hear testimony on the following pieces of legislation:
· 2017-H 5024, sponsored by Rep. Joseph M. McNamara (D-Dist. 19, Warwick, Cranston), increases the exemption for retirement income from state income tax from $15,000 to $30,000 commencing in 2018.
· 2017-H 5287, sponsored by Rep. Sherry Roberts (R-Dist. 29, West Greenwich, Coventry), provides that any 2016 tax overpayment would be refunded with interest calculated at 12% compounded daily if not received by June 30, 2017.
· 2017-H 5423, sponsored by Rep. Helder J. Cunha (D-Dist. 64, East Providence), provides an income tax credit of 25% of an elderly resident taxpayers primary residence water and sewer bills, not to exceed $250.
· 2017-H 5506, sponsored by Rep. Robert D. Phillips (D-Dist. 51, Woonsocket, Cumberland), requires that a 15% minimum markup be added to the total cost of cigarettes sold by retailers.
· 2017-H 5563, sponsored by Rep. Aaron Regunberg (D-Dist. 4, Providence), establishes a 19% carried interest fairness fee for investment management services in order to tax the carried interest income of hedge fund and private equity investors as traditional ordinary earned income.
· 2017-H 5784, sponsored by Rep. William W. O’Brien (D-Dist. 54, North Providence), imposes a 6% surtax on investment gains earned by endowment funds of independent institutions of higher education valued at or greater than one billion dollars.
· 2017-H 5791, sponsored by Rep. Scott A. Slater (D-Dist. 10, Providence), raises the earned income tax credit from 15% to 20% for tax years beginning on and after January 1, 2018.
On Wednesday, May 31 at the RISE of the House in Room 35 of the State House, the Finance Committee will hear testimony on the following pieces of legislation:
· 2017-H 5142, sponsored by Representative Slater, eliminates assessment of sales and use tax on taxicab services effective July 1, 2017.
· 2017-H 5164, sponsored by House Majority Whip John G. Edwards (D-Dist. 70, Tiverton, Portsmouth), repeals the sales tax on pet care services.
· 2017-H 5355, sponsored by Rep. Kenneth A. Marshall (D-Dist. 68, Bristol, Warren), reduces the sales and use tax, commencing July 1, 2017, from the current level of 7% in yearly increments of .25%, until the level of 6.25% is reached.
· 2017-H 5377, sponsored by Rep. Edith H. Ajello (D-Dist. 1, Providence), exempts from the sales tax products used for feminine hygiene in connection with the menstrual cycle.
· 2017-H 5380, sponsored by House Minority Whip Blake A. Filippi (R-Dist. 36, New Shoreham, Charlestown, South Kingstown, Westerly), exempts from the sales and use tax the sale of beer and malt beverages at retail.
· 2017-H 5771, sponsored by Rep. Joseph S. Almeida (D-Dist. 12, Providence), raises the local hotel tax rate from 1% to 2.5%.
· 2017-H 5787, sponsored by Rep. Shelby Maldonado (D-Dist. 56, Central Falls), creates a tax on sugary drinks for the purpose of reducing the demand for those beverages, and discouraging the excessive consumption of sugary drinks.
· 2017-H 5979, sponsored by Rep. Carlos E. Tobon (D-Dist. 58, Pawtucket), provides that in the event sales and use tax revenue exceeds projections, then in such event the tax administrator would reduce the sales tax rate by 1% until the end of the fiscal year.
On Thursday, June 1 at the RISE of the House in Room 35 of the State House, the committee will hear testimony on an amendment to budget article 9 in the FY 2017 budget that relates to remote sellers tax collection, also known as the “Amazon Tax.”
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903