Murray bill would exempt first $100K of tangible property tax for businesses

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STATE HOUSE – Sen. Melissa Murray, a Democrat representing District 24 in Woonsocket and North Smithfield, will be joined by local small business owners, as well as state and local leaders, next week to highlight legislation that would exempt the first $100,000 of tangible property from the personal property tax for businesses statewide.

The bill – 2023-S 09282023-H 6333 – is also sponsored by Rep. Brandon Voas, a Democrat from District 57 in Cumberland and Central Falls.

The event will be held Tuesday, May 9, at 1 p.m. at Kay’s Restaurant, located at 1013 Cass Ave. in Woonsocket. It will be held outside on the patio at Kay’s, weather permitting, and moved inside the restaurant in the event of inclement weather.

Elected officials and business owners will discuss the logistical and financial burdens the tangible tax creates for businesses and municipalities, with an opportunity to ask questions of the participants following a speaking program.

Joining Murray and Voas will be Woonsocket Mayor Lisa Baldelli-Hunt; David Lahousse, president of Kay’s Restaurant; Elyse Paré, owner of Graze on Main; Elizabeth Catucci, president of the Northern Rhode Island Chamber of Commerce; Michael DiBiase, president & CEO of the Rhode Island Public Expenditure Council; and Senate President Dominick Ruggerio.

The tangible personal property tax is paid by businesses on property other than real estate that has value by itself, such as computer equipment, furnishings, and fixtures. The proposed exemption would completely eliminate the tangible tax for an estimated 85 percent of businesses statewide.

Additional information on the proposed $100,000 exemption is available here.

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1 COMMENT

  1. Sounds like a great idea to shift the tax burden to homeowners instead of businesses. Because we all know you are not going to reduce spending. So how much will property taxes increase to offset the reduction in tax.

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