Dan McKee on Tax Reform

	Dan McKee on Tax Reform

Reduce the corporate minimum tax from $400 to $350

Rhode Island is the small business state. I know that, not only as Governor, but as a former small business owner. That's why one of my top priorities is making Rhode Island a better place to do business. The budget I'll send to the General Assembly this week will keep that progress going.

I will call for reducing the corporate minimum tax from $400 to $350--this tax impacts our state's smallest businesses the most. Let's give them more relief.

Source: 2024 State of the State Address to the R.I. legislature , Jan 17, 2024

Reduce corporate minimum tax to help small business

Here's a few of our Small Business Article proposals:

Let's allow cities and town to exempt a portion of business property from the tangible tax.
Let's reduce the corporate minimum tax, a tax that impacts our smallest businesses the most.
Let's create a taxpayer steward within the Rhode Island Division of Taxation dedicated to helping individuals and small businesses navigate the taxation process.
And let's make alcohol to go permanent, an out of the box idea that allows restaurants and brewpubs to sell alcoholic beverages with take-out food.

For far too long, minority entrepreneurs & minority-owned businesses have faced barriers in starting and growing businesses. They've had more hurdles to jump to get over that finish line. Let's reduce those hurdles. I'm proposing a $10 million Minority Business Support Initiative to strengthen our minority business community and increase minority business ownership in the state. Source: 2022 State of the State Address to Rhode Island legislature , Jan 18, 2022

Increase real estate transfer tax on homes over $700,000

He also supports a buffed-up version of former Gov. Gina Raimondo's bid to raise the real estate transfer tax on high-end homes, defined as those costing more than $700,000, to provide "a permanent funding stream for affordable and workforce housing." (Raimondo had proposed a $500,000 threshold.) The current rate is $2.30 for every $500 spent. McKee's proposal doubles the rate to $4.60 for every $500 spent above $700,000, with all of the new revenue going into a new "housing production fund." Source: Providence Journal on 2022 Rhode Island Gubernatorial race , Mar 11, 2021

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