Ruggiero bill would give startups tax relief

PROVIDENCE – Rep. Deborah Ruggiero, D-Jamestown, has proposed legislation that would give startup businesses a break by suspending the minimum corporate tax for the first three years of a business’ existence. More

To continue reading this article, please do one of the following.



small business

Ruggiero bill would give startups tax relief

Posted 2/10/14

PROVIDENCE – Rep. Deborah Ruggiero, D-Jamestown, has proposed legislation that would give startup businesses a break by suspending the minimum corporate tax for the first three years of a business’ existence.

Rhode Island taxes businesses’ net income at a rate of 9 percent. A provision in the corporate tax law imposes a $500 floor on that tax, so if 9 percent of a business’ net income equals less than $500, that business is charged $500, according to a statement from Ruggiero.

Her legislation would add an exception to the minimum corporate tax for each business’ first three tax years. It would keep the minimum tax in place for businesses that are in the their fourth year or more, and it would not affect businesses that are under 3 years old but are profitable enough to pay more than the minimum tax.

“With a relatively small investment on the state’s part, this is a way we can encourage entrepreneurs to develop their business in Rhode Island,” she said. •

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement