Rhode Island Governor Releases Fiscal 2022 Budget Proposals

Rhode Island Gov. Daniel McKee (D) has proposed a fiscal 2022 budget of nearly $11.2 billion, calling for a tax exemption for forgiven Paycheck Protection Program loan amounts under $150,000; the continued phaseout of the motor vehicle excise tax; the elimination of sales tax permit fees; the legalization and taxation of adult-use marijuana; a modification to the real estate conveyance tax to add a new bracket for properties valued above $700,000; and fully funding the state's payment-in-lieu-of-taxes program.