It's always exciting to see Rhode Island companies bringing amazing new products and services to market, the transformation of small firms into industry players, the evolution of driven entrepreneurs into business trendsetters and all the economic opportunity that successful business growth brings to so many.

Many drivers contribute to this economic vitality. One of the key building blocks for an economy is a competitive tax structure that attracts private investment and fuels long-term business and job expansion. This year, state leaders have taken further positive steps to improve Rhode Island's competitive position relative to our Northeast neighbors.

Rhode Island's FY 15 budget lowers our top corporate tax rate from 9% to 7% - the lowest top corporate tax rate in the Northeast beginning in 2015. The budget also raises the exemption for the estate tax to $1.5 million while eliminating the estate tax "cliff" that, once triggered, taxed the full value of the estate. These measures come after other significant tax reforms in 2010, which included the reduction of our top personal income tax rate from 9.9% to 5.99%.

Leadership by Governor Chafee, House Speaker Mattiello and Senate President Paiva Weed resulted in a FY 15 budget that makes Rhode Island a more attractive location to do business. The revamp of the estate tax will help keep more high earners and their assets in Rhode Island, especially after they retire. This is an important part of sustaining the flow of capital through our economy, supporting small businesses, making Rhode Island a better place to live and promoting our economic health and prosperity.       

So what does this all mean for Rhode Island's competitiveness within our region? Well, plenty.

In addition to the immediate benefits to Rhode Island companies and individuals, these reforms send a clear message to decision makers throughout the country and around the world that we are serious about competing for their business, especially if they are looking to grow in the Northeast.

With a 7% top corporate tax - again, the lowest in the Northeast beginning in 2015 - Rhode Island will lead all of New England as well as New York, New Jersey and Pennsylvania. Our top personal income tax rate is the fourth lowest among all nine Northeast states. The new exemption on Rhode Island's estate tax is higher than in Massachusetts and New Jersey and competitive with New York, Connecticut and Maine.

Corporate and personal income tax rates are very influential indicators in many state business rankings. Rhode Island is moving in the right direction to lead the pack regionally and compare much better nationally in the future.