Rhode Island makes reforms to improve business climate

After years of being criticized as unfriendly to business, R.I. lawmakers took decisive action in recent weeks to help push forward the state's economic recovery, create jobs, and improve the business climate. Citing the reduction in the corporate tax rate, the elimination of the estate tax cliff, and investments in economic development projects, the Greater Providence Chamber of Commerce praised the pro-business, pro-economic recovery, pro-job creation reforms passed as the 2014 legislative session came to a close. "One legislative session is not going to knock down all of Rhode Island's economic recovery hurdles, but the reforms passed in recent weeks will keep us on the right track," said Laurie White, president of the Greater Providence Chamber of Commerce. "With improvements to both the corporate and estate tax, Rhode Island will be significantly more competitive with our neighboring states. In fact, with the reduction of the corporate tax rate, Rhode Island goes from having one of the highest rates to the lowest in New England."