{"id":14911,"date":"2024-06-25T05:00:31","date_gmt":"2024-06-25T02:00:31","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=14911"},"modified":"2024-06-25T05:00:31","modified_gmt":"2024-06-25T02:00:31","slug":"how-rhode-island-lawmakers-fended-off-healeys-play-to-woo-citizens-bank","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=14911","title":{"rendered":"How Rhode Island lawmakers fended off Healey\u2019s play to woo Citizens Bank"},"content":{"rendered":"<h2 class=\"subheader | font_secondary gutter_20_0--mobile margin_bottom\n                \">A tax tweak may have helped keep R.I.\u2019s biggest bank from decamping for Massachusetts<\/h2>\n<figure class=\"font_primary false\n               width_full\n              false\n            \" style=\"height:auto\" id=\"img-f0f0FsPucz8Q7HA\"><figcaption class=\" img_caption | margin_horizontal_0--mobile margin_horizontal_0--tablet\n        \"><span class=\"caption | margin_right_half\">A Citizens Bank branch, Thursday, Nov. 17, 2022, in Boston. (AP Photo\/Charles Krupa)<\/span><span class=\"credit uppercase\">Charles Krupa\/Associated Press<\/span><\/figcaption><\/figure>\n<p>tweak state tax policy to help the big bank?<\/span><span class=\"html-render\">We\u2019ll never know for sure. But it\u2019s a hot topic in Rhode Island\u2019s political and business circles.<\/span><span class=\"html-render\">House Speaker Joe Shekarchi found himself defending the new tax law, passed earlier this month, in an interview with WPRI\u2019s Tim White and Ted Nesi that aired over the weekend. The change shifts the way state taxes for banks can be calculated to what\u2019s known as a \u201csingle sales factor\u201d \u2014 that is, the corporate taxes are based solely on a bank\u2019s revenue in the state, and not also on how many people it employs or the property it occupies. Generally speaking, the single sales factor approach benefits companies with large in-state operations that do business in many states.<\/span><span class=\"html-render\">Massachusetts lawmakers enacted a similar change last year \u2014 across all kinds of industries \u2014 and it is set to take effect in January. Their counterparts in Rhode Island felt they needed to keep up, at least when it came to the state\u2019s largest bank, after Citizens lobbied for the change. (Citizens was also among the financial companies that supported the change in Massachusetts, along with State Street and BNY Mellon.)<\/span><span class=\"html-render\">In that WPRI interview,<b> <\/b>White asked Shekarchi if Citizens representatives said, point blank, that it would leave if it didn\u2019t get the \u201csingle sales\u201d change.<\/span><span class=\"html-render\">\u201cThey didn\u2019t say it as directly as that,\u201d Shekarchi responded. \u201cThey told me Governor [Maura] Healey had two proposals on the table for them to relocate to Massachusetts. One was a deal in the Greater Boston area. One of them was anywhere in Massachusetts. That was clearly on the table and Governor Healey was courting Citizens to move to Massachusetts.\u201d<\/span><span class=\"html-render\">Passing the bill, Shekarchi said, was about \u201ctax parity\u201d with other states that have similar policies.<\/span><span class=\"html-render\">Citizens already has a substantial presence in both states. The bank opened a big campus it owns in Johnston, R.I., in 2018, where about 2,800 employees work. Roughly two years later, the bank opened its second biggest New England office in Westwood, Mass., a leased office for about 500 employees. The bank also has smaller offices in Providence (its corporate headquarters) and Boston (at 28 State St., headquarters of its commercial bank).<\/span><span class=\"html-render\">A spokesman for Citizens declined to comment. And Healey spokeswoman Karissa Hand declined to share details about the administration\u2019s offers to Citizens, other than to say: \u201cMassachusetts is always competing for businesses to move to and expand in our state.\u201d<\/span><\/p>\n<hr class=\"tagline_hr | border_foreground border_half gutter_20_28--mobile\n               margin_none text_align_left width_100px\" \/>Jon Chesto can be reached at jon.chesto@globe.com. Follow him @jonchesto.<\/article>\n","protected":false},"excerpt":{"rendered":"<p>A tax tweak may have helped keep R.I.\u2019s biggest bank from decamping for Massachusetts A Citizens Bank branch, Thursday, Nov. 17, 2022, in Boston. (AP Photo\/Charles Krupa)Charles Krupa\/Associated Press tweak state tax policy to help the big bank?We\u2019ll never know for sure. But it\u2019s a hot topic in Rhode Island\u2019s political and business circles.House Speaker &#8230; <a title=\"How Rhode Island lawmakers fended off Healey\u2019s play to woo Citizens Bank\" class=\"read-more\" href=\"https:\/\/ch.jfdi.cc\/?p=14911\" aria-label=\"Read more about How Rhode Island lawmakers fended off Healey\u2019s play to woo Citizens Bank\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":14912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1902,611,11097,3492,186,11354,3348,4477,8569,279,33,3399,11657,3251,8903,5098,7687,9046,5525,5679,9597,4593,10330,4833,284,5612,6106,9314,7967,10708,1065,4918,1183,457],"class_list":["post-14911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-bank","tag-banks","tag-benefits","tag-bill","tag-business","tag-businesses","tag-change","tag-charles","tag-citizens","tag-comment","tag-companies","tag-corporate-taxes","tag-deal","tag-england","tag-follow","tag-governor","tag-hot","tag-house","tag-interview","tag-law","tag-move","tag-office","tag-operations","tag-policy","tag-property","tag-revenue","tag-sales","tag-st","tag-state","tag-state-tax","tag-tax","tag-tax-policy","tag-taxes","tag-white"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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