House Finance Committee To Consider Supplemental Tax Bill

The House Finance Committee's consideration of whether to authorize Woonsocket to issue new tax bills to help plug a $10 million deficit will be televised today on Capitol TV.

Should the Finance Committee, and ultimately, the full House, approve the bill, it could raise as much as $6.6 million for the financially strapped city. 

The city will seek an extra $3.15 for every $1,000 of assessed residential property value. For the owner of a home worth $150,000, that would mean a $472.50 bill. The supplemental tax would also tack on $4.51 for commercial property, and $5.81 for motor vehicles.

The Senate Finance Committee approved the bill April 26. It was passed by the full Senate May 3.

Today's House Finance Committee hearing on the matter will begin at 2 p.m. in Room 35 of the State House. The Capitol TV broadcast can be viewed on Channel 15 on both Cox Cable of Rhode Island and Full Channel Cable, as well as Verizon FIOS Channel 34.

The Woonsocket Call reports the full House may consider the measure directly after. A possible $3.2 million loan from Citizen's Bank to tide the city over until the revenue from the supplemental tax comes in hinges on the decision.

"They need the supplemental tax bill to work with us," said City Finance Director Thomas Bruce April 24. Without the supplemental tax and the Citizen's Bank loan, the city will run out of money by the end of the month.