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6/5/2023
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Rep. O’Brien highlights North Providence education dollars and small business tax relief in FY 2024 budget
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STATE HOUSE – Rep. William W. O’Brien (D-Dist. 54, North Providence) is highlighting the education dollars secured and the small business tax relief that are coming to North Providence in the FY 2024 state budget that was recently approved by the House Finance Committee.
Representative O’Brien is a member of the House Finance Committee and he serves as the chairman of the Environment and Transportation Subcommittee.
He notes that North Providence is set to receive $29,058,983 total in the FY 2024 budget and that the Finance Committee appropriated $1,002,889 more to North Providence schools than was recommended in the governor’s proposal, with additional money coming to the district for multi-language learners and special education.
“I have been advocating all session for North Providence to receive the funding and supports necessary to give our children the best education possible and I am pleased to report that the budget approved by the House Finance Committee does just that. With over $1 million more coming to the North Providence school budget, our students will have every possible opportunity to make the most of their educational experience so that they are positioning themselves for future success in adulthood,” said Representative O’Brien.
Representative O’Brien is also pleased with the inclusion of a $50,000 exemption for all businesses subject to the tangible tax. The exemption completely wipes out the tangible tax — viewed as an administrative burden for small businesses and for the municipalities that collect it— for 75 percent of Rhode Island businesses. The state will reimburse municipalities for the lost revenue. Representative O’Brien notes that this piece of the budget will result in thousands of dollars in savings for North Providence small businesses.
“The tangible tax has long been a frustrating thorn in the side of North Providence’s small businesses and I am delighted that this tax will no longer pose a problem for the majority of our small businesses. At a time when we are facing growing economic uncertainty, we need to do everything we can to support our small businesses, and eliminating the tangible tax will not only save them crucial dollars, but also valuable time to focus on other important aspects of running their business,” said Representative O’Brien.
The FY 2024 budget is now scheduled to be considered by the entire House of Representatives on June 9.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903
(401)222-6124
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