In his State of the State address, Governor Daniel McKee announced that he plans to include broad tax relief in his 2024 budget and will soon release a comprehensive plan to boost education in the state.
McKee outlined a nearly $100 million tax relief plan that will be included in his 2024 budget proposal, building on the tax relief efforts that were implemented last year. These included eliminating the car tax and the tax on military pensions, as well as issuing child tax rebate checks to over 40,000 parents.
The first component of McKee’s 2024 plan is to incrementally reduce the state’s sales tax until it reaches the Massachusetts rate of 6.25%. The Governor proposed starting this year with a drop from 7% to 6.85%, which he estimates will save $35 million.
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The Governor also proposed halting the three-cent gas tax increase, which is scheduled to take place in July. Stopping the increase is a more moderate action than temporarily eliminating the 35 cents per gallon tax altogether.
McKee also discussed his plans to boost education in the state, adding $57 million to his proposed budget for K-12 education, McKee pledged to release a plan within his first 100 days on how to reach “Massachusetts education levels” by 2030. He also committed to providing more support for students with special needs.
The Governor acknowledged the challenges faced by the State of Rhode Island, but he emphasized that he is confident that his proposals will help to create a more prosperous future for the state’s residents. He called on the legislature to work together to pass these proposals and make them a reality.
Overall, Governor Daniel McKee’s State of the State address set out ambitious plans for tax relief and education reform, which if implemented, would have a significant impact on the residents of Rhode Island. The Governor’s proposal shows his commitment to creating a more prosperous future for the state and its residents, and it will be interesting to see how this develops in the coming months.
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