R.I. economy focus of annual legislative luncheon

HOUSE SPEAKER NICHOLAS A. MATTIELLO, speaking at the annual legislative luncheon organized by the Greater Providence Chamber of Commerce on Wednesday, said he would support ways to create new incentives for companies.  / COURTESY R.I. GENERAL ASSEMBLY
HOUSE SPEAKER NICHOLAS A. MATTIELLO, speaking at the annual legislative luncheon organized by the Greater Providence Chamber of Commerce on Wednesday, said he would support ways to create new incentives for companies. / COURTESY R.I. GENERAL ASSEMBLY

PROVIDENCE – State lawmakers told business executives and representatives Wednesday that they share their sense of urgency in finding ways to stimulate Rhode Island’s sputtering economy.
The annual legislative luncheon, organized by the Greater Providence Chamber of Commerce, drew more than 700 business representatives, including from some of the state’s largest employers.
A question-and-answer format focused on some of the most pressing issues for companies, including what economic incentives and tax relief measures might be approved this year to encourage business investment and expansion.
House Speaker Nicholas A. Mattiello, who took on that leadership role in March, didn’t mention any specific business tax cuts or programs, but said he would support ways to create new incentives for companies. Rhode Islanders have to think differently about how to attract and retain companies, because the old way of doing business hasn’t worked well, he said.
“Rhode Island has to think differently,” he said. “We have to change the discussion to create the tools that will make us successful in the future.”
The legislature last year reduced the corporate tax rate, from 9 percent to 7 percent, to make the Ocean State more competitive with surrounding states, he said.
“We got it done with a lot of collaboration,” he said. This year, he said, reducing business tax burden and regulatory hurdles are also important.
State Senate President M. Teresa Paiva Weed said the state would continue its focus on improving education and workforce development systems, which are critical to attracting employers.
“People will move here if we have a good education system. Businesses will grow and thrive here if we have an educated, trained workforce.”
Some of the programs she supports, Paiva Weed said, would include apprenticeship programs. She singled out Quonset Business Park as a success story, for a program that offers rent reductions based on job creation.
The Senate will look forward to discussions with the newly appointed Commerce secretary about which economic development tools are most effective, and then examine them within the context of the budget, she said.

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