Tax cut to save R.I. employers $30M a year

PROVIDENCE – Further improving Rhode Island’s business climate, Gov. Gina M. Raimondo announced Jan. 6 employers will see a significant reduction in their unemployment tax rate for the first time in 25 years.

R.I. employers will save about $30 million annually starting in 2017.

“Since my first day in office, my goal has been to make Rhode Island work again by supporting existing businesses, attracting new business to Rhode Island and fostering a climate where employers can create jobs for Rhode Islanders,” Raimondo said in a statement.

Last session, the General Assembly approved Raimondo’s proposal to revise the antiquated rate schedule and bring the state’s average per-employee tax liability closer in line with neighboring states. This resulted in an average tax cut of $77 per employee for businesses. •

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