State lawmakers are considering an 11th-hour budget proposal from Gov. Daniel J. McKee to overhaul the way banks are taxed.
The proposal was made at the request of the parent of Providence-based Citizens Bank, which employs more than 4,300 in Rhode Island.
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Citizens wants the formula used to tax banks changed to only be based on in-state sales. Currently, the formula factors in sales, payroll and property.
Twenty-six states have passed similar legislation, including Massachusetts beginning next year.
The state would lose an estimated $15.6 million from the change in fiscal 2025. But that would be largely offset by increased state revenue tied to other tax credits the bank no longer qualifies for.
