Rhode Island’s Senate President, Dominick Ruggerio, has introduced legislation to create a tangible property tax exemption of up to $100,000, which will eliminate the tax for 85% of businesses in the state. Under the proposed law, municipalities will be prohibited from collecting taxes on business assets below the $100,000 threshold, and the state will reimburse them for lost revenue. The Rhode Island Public Expenditure Council estimated that the cost to the state will be approximately $36.6m per year. Ruggerio argued that the cost is worth it to support local businesses, as the threshold will eliminate the tax for more than eight out of ten businesses. If passed, the law will take effect in fiscal year 2024-25.