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Monday, April 22, 2024

Rhode Island Senate approves $14 billion budget proposal for 2024 fiscal year

The Rhode Island Senate on Thursday approved a $14 billion budget proposal for the 2024 fiscal year that begins July 1, a week after the House also approved the spending plan.

The bill directs spending toward the housing crisis, supports business development and makes education funding more equitable while limiting the use of one-time revenue to one-time expenditures, lawmakers said.

The budget now heads to Democratic Gov. Dan McKee, who is scheduled to sign it at noon Friday on the south steps of the Statehouse.

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The House plan included a low-income housing tax credit program. The program would provide a tax incentive for developers to expand subsidized housing options for low-income households.

Lawmakers did not include a proposal submitted in the governor’s housing amendments authorizing eminent domain powers for the Department of Housing.

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