Governor Carcieri’s tax-reform panel yesterday recommended scrapping the state corporate income tax, a move that would save businesses more than $82 million a year.

Proponents said that doing so would encourage economic development and spur the creation of jobs. The state has an unemployment rate of 10 percent, its highest in more than 30 years.

Opponents said there is no firm evidence that eliminating the tax, a hefty revenue source, would create jobs. The state faces a $357-million budget deficit for the year ending June 30.

Full Story: Panel says plan would make Rhode Island more competitive Source: Providence Journal, February 5th, 2009 Author: Neil Downing Added on February 5th, 2009 at 12:15 pm, by Matt Mikula