Corporate tax revenue at center of state’s $100M shortfall

Rhode Island's budget impasse is being followed by independent ratings agencies./PBN FILE PHOTO/STEPHANIE ALVAREZ EWENS
Rhode Island's budget impasse is being followed by independent ratings agencies./PBN FILE PHOTO/STEPHANIE ALVAREZ EWENS
PROVIDENCE – A multimillion-dollar shortfall in projected corporate tax revenue is largely contributing to the state’s near $100 million shortfall in revenue estimates. And it’s not entirely clear why. The state’s budget office on Wednesday estimated revenue for fiscal 2017 would total about $3.7 billion, representing a $60.1 million decline from the last time revenue…

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