Posted by: Providence Chamber of Commerce | March 2, 2011

Estate Tax, Franchise Tax on Chamber’s Agenda Today

This afternoon, Chamber’s Legislative Counsel testified before the House Finance Committee on an assortment of bills that would make positive changes to both the estate tax and minimum franchise tax.  The Chamber believes the current estate tax exemption of $859,350 is too low — in fact, it is one of the lowest in the country. Testimony delivered today pegged the preferred  number at $1.5 million. Similarly, the Chamber believes the minimum franchise tax of $500 needs revisiting.  The Chamber could support a slow and graduated tax scale, based on gross receipts. The concept is to achieve both revenue neutruality and enhanced economic competitiveness.

— Laurie White, president

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