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Raimondo to hold signing ceremony for insurance legislation

Gov. Gina Raimondo is planning to hold a bill-signing ceremony to draw attention to legislation that encourages insurance companies to create jobs in Rhode Island.

The ceremony is scheduled for this afternoon. The legislation was passed earlier this year.

A statement from the governor says the legislation offers a tax incentive to insurance providers. She says the bill ensures that the creation of new insurance industry jobs triggers a reduction in the tax rate that insurance companies pay in Rhode Island.

Raimondo says the reduction is designed to be "revenue-neutral," meaning the bill requires that the reduction be fully offset by the income tax generated by these new jobs.

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