Business Climate in RI Could Get Sunnier, Group Says

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Friday, June 04, 2010

GoLocalProv News Team

For years, Rhode Island has been dogged by national studies that say it has one of the worst business climates in the country.

But that could change with proposed changes in state taxes that would cut the rate for the highest earners from 9 percent to 6 percent.

The Tax Foundation, a group that cranks out rankings of business climates every year, says that would make a significant difference for Rhode Island. The Ocean State is currently ranked as having the 44th worst business climate. If the changes pass, however, it would rise three points, to number 41—still behind Massachusetts, at 36th place, and Connecticut, at number 38.

“Rhode Island can compete with its border states and beyond, and it has recently shown the political will to do so,” the Tax Foundation concluded in its report. “As the economy improves, capital and investment will flow to those states best positioned for it. Rhode Island has a chance to welcome that opportunity, and frankly, the state has nowhere to go but up.”

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