Tax Breaks Proposed for Disabled Vet Business Owners

Described as "a way to show appreciation for the state's veterans with disabilities" and "sustain veteran-owned companies," local legislators have introduced legislation that would cut taxes for disabled vets who run businesses in the state.

“Right now seems like a perfect time to move on a bill like this,” said Cranston's Frank S. Lombardi (D-Cranston).“With the two very important initiatives in the Senate this year — to help business and assist our very deserving veterans -— this legislation is a chance to do both.”

Sen. Stephen R. Archambault (D-Johnston) cosponsired the legislation.

The bill would waive corporate filing fees and the business corporations tax for companies with majority owners "who have a service-connected disability."

The bill is before the Senate Committee on Special Legislation and Veterans' Affairs Wednesday at 4:30 p.m. in Room 310 at the State House. 

The Lombardi bill is co-sponsored by Sen. William J. Conley Jr. (D-East Providence, Pawtucket), Sen. Frank A. Ciccone III (D-Providence, North Providence), Sen. Michael J. McCaffrey (D-Warwick) and .

An identical bill (2013-H 5843) has been introduced in the House by Rep. Stephen R. Ucci (D-Dist. 42, Johnston, Cranston). That bill is before the House Committee on Finance.