Rhode Island governor's budget proposal includes business tax overhaul; combined reporting bill introduced

Rhode Island Governor Lincoln Chafee's proposed budget legislation would adopt combined reporting, reduce the corporate income tax rate, broaden the sales tax base while lowering the general rate, and provide for the phase-out of certain income tax credits, among other changes. [H. 5894, introduced and referred to House Finance, 3/9/11]. In a separate action, Rhode Island lawmakers introduced legislation requiring combined reporting for certain corporate income taxpayers. [H. 5738, introduced and referred to House Finance, 3/3/11].

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