$14.9 billion for last month alone.
PROVIDENCE — Rep. Joseph A. Trillo (R-Dist. 36) of Warwick is proposing that major retailers doing business in Rhode Island pay an “impact fee,” in legislation before the House Committee on Finance.
According to a statement issued by the General Assembly, Trillo’s proposal would require retail establishments with annual worldwide revenues of $20 billion or more to pay a 5 percent fee to the Division of Taxation. For every $100 million of the fee collected, the state sales and use tax would be reduced by 1 percent the following year.
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The legislation is aimed at helping local, small businesses stay afloat. According to Trillo, the state depends on the revenues of small businesses. “If imposing an impact fee keeps a few mega-marts out of Rhode Island, at least we won’t open our newspapers every morning to find out another Ann & Hope or Apex has closed its doors,” he stated.
