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bills
All budget & taxes bills
SB 2449 proposes to exempt energy storage systems from sales and use taxes in the state, as defined in § 39-33-1. This change would directly affect businesses selling these systems, as they would no longer collect sales tax on such transactions. The bill amends existing tax law by adding a new exemption category under "Gross receipts exempt from sales and use taxes." The exemption covers the sale and use of energy storage systems within the state, aligning with existing tax exemptions for items like newspapers and school meals. The bill was introduced on February 6, 2026, and referred to the Senate Finance Committee.
HB 7703 suspends the 4% gross earnings tax on electric and gas utility companies until January 1, 2036. This directly affects corporations primarily engaged in electricity generation/sale or gas distribution, reducing their tax burden during this period. The bill amends tax law to temporarily halt this specific 4% tax rate (previously applied to electricity/gas companies) starting January 1, 2027. The suspension covers all gross earnings from these core utility services, excluding related deductions for wholesale sales. The policy change provides a fixed tax relief period without altering other tax rates for telecommunications or other sectors.
Prohibits cities or towns that implement a rent control ordinance from raising property taxes and such prohibition would last for as long as the rent control ordinance is in effect.
SB 2544 suspends the 4% gross earnings tax on electric utility companies and the 3% tax on gas utility companies until January 1, 2036. This directly affects electric and gas utility corporations operating in the state by removing these tax obligations for nearly a decade. The bill amends tax code provisions to halt these specific tax rates, which would otherwise apply to their gross earnings from electricity and gas services. The suspension begins January 1, 2027, and remains in effect through 2035.
Reduces the cigarette tax imposed by 75% for any modified risk tobacco product as defined in § 21 U.S.C. 387 k as a tobacco product sold/distributed to reduce the harm/risk of tobacco-related disease associated with commercially marketed tobacco products.
Establishes a compact agreement among at least two (2) states to prohibit the selective use of subsidies to an existing specific industry or company, entice relocation from one state to another state or to open a new facility.
SB 2022 repeals Rhode Island's minimum business corporation tax, which required corporations to pay at least $400 annually regardless of profits. This change directly affects corporations subject to Rhode Island's business tax, particularly those that would have owed the minimum amount under current law. The bill removes the $400 annual minimum tax provision (previously $450 for 2015-2016 tax years), meaning corporations will only pay tax based on their actual net income. The repeal takes effect upon the bill's passage.
