The Rhode Island Senate's finance committee is scheduled to vote on the proposed $8.7 billion state budget on June 17, one day after the House approved it unanimously.

The spending plan largely incorporates the economic development incentives of new Gov. Gina Raimondo and includes about $230 million for the settlement of the class action challenging the 2011 pension overhaul law.

The quick 75-0 vote was free from the acrimony of past budget debates. The full Senate could sent the budget to Raimondo's desk by the end of the week.

It also includes an infrastructure bank that General Treasurer Seth Magaziner called "a major win for our state." Magaziner said in a statement that he will rename the Clean Water Finance Agency the Rhode Island Infrastructure Bank and add new programs devoted to improving the state's energy efficiency.

That triple-A rated agency helps Rhode Island's cities and towns fund storm water, drinking water, and road and bridge projects. The first new program, he said, will fund energy retrofits for public buildings. According to Magaziner, the bank will establish this program at a minimal cost by taking advantage of federal funds for energy efficiency projects.

The spending plan also eliminates state income tax on Social Security benefits for many state residents and taxes on utilities for businesses and knocks out Raimondo's proposed "Taylor Swift tax," an assessment on second homes valued at more than $1 million. Musician Swift bought a beachfront mansion in Westerly in 2013.

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