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The Latest News and Media From the
Rhode Island House of Representatives Republican Caucus

Representative Place and Senator Bell Co-sponsor Legislation Announce Launch of RI Interstate Compact to Phase Out Corporate Giveaways

2/8/2021

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State House, Providence – Rhode Island Deputy Minority Leader David Place and Rhode Island Senator Sam Bell have joined forces to launch a new initiative aimed at limiting costly corporate giveaways used to lure companies from neighboring states.  They are seeking to enlist Rhode Island in an interstate compact that protects public investments now, and in the future.
​It is well documented that corporate giveaways are among the least effective uses of taxpayer dollars to create and maintain jobs. They also fuel business inequality as only the largest businesses receive the vast majority of these funds.  This legislation (H5316 / S46) is viewed as a reasonable first step in phasing out corporate giveaways, with an anti-poaching agreement among state governments that would prohibit state company-specific tax incentives and state company-specific grants as an inducement for entities to relocate existing facilities.  There is a fiscal year-end sunset provided in this bill to determine its efficacy.

“Corporate welfare does nothing but take public money away from those who need it most,” said Bell. “When corporations get special handouts from our state government, our residents have to pay more in taxes to make up for these hidden tax breaks, subsidies, and loopholes.  With a bipartisan agreement between the Governors of Kansas and Missouri proving that interstate compacts can successfully stop this race to the bottom, our proposed legislation seeks to address this unfair and costly system.”

“Free market and progressive thinkers realize that the current corporate giveaway incentive system benefits the elite and well-connected, not the everyday citizen,” said Place. “Whether it is investing in our small businesses, or properly investing in our necessary core government services, our increasingly limited fiscal resources demand a fresh look at where taxpayer dollars are best spent. It has been estimated that repealing these special tax breaks would save RI taxpayers millions over the years. We feel the corporate giveaway system is a good place to start in our bipartisan call for creating smart and thoughtful changes in how we do business in the Ocean State. ”
​
Currently, there are six states considering this legislation, including New York and Connecticut.
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About rhode island house republicans


In 1636, Roger Williams, founder of Rhode Island, established the first working model of Democracy after being banished from Massachusetts for his “extreme views” concerning freedom of speech and religion. Thomas Jefferson and John Adams publicly acknowledged Williams as the originator of these concepts, along with the freedom of public assembly, in the First Amendment in the United States Constitution. Today, Rhode Island House Republicans uphold the liberties designed by our Founders and preserved in our Constitution, and are the primary legislative body promoting lean government, fighting for lower taxes, and advocating for initiatives and policies that improve the economy and in turn, the lives of Rhode Islanders.  As members of a part-time assembly, we are small business owners, retired educators, community activists, lawyers, farmers, military service veterans, volunteers, former local officials, retired social workers, coaches, musicians, churchgoers and board directors -- bringing these community engagement and professional experiences to our work, on your behalf, at the Rhode Island State House.

​2023 Rhode Island State House Republicans | 82 Smith Street, Room 106 Providence, RI 02903 | 401..222..2259 | Email Us
  • Home
  • Reports
    • Minority Report >
      • 2022 Minority Report
      • 2020/2021 Minority Report
      • 2019 Minority Report
    • Gaming Contract >
      • Gaming Study Report
    • State of the State >
      • 2020 State of the State
      • 2022 State of the State
  • Representatives
    • Michael W. Chippendale
    • David J. Place
    • Sherry Roberts
    • George A. Nardone
    • Robert Quattrocchi
    • Brian C. Newberry
    • Brian J. Rea
  • Legislation
    • House Seating Chart
    • Commissions/Task Forces
    • Legislative Committee Membership
    • Legislative Dates and Deadlines
  • News & Media
  • Contact Us
    • Representatives
    • Media Contact
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    • Interns