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In a move aimed at bolstering the state's economy, Rhode Island lawmakers passed a new corporate law on January 6, 2026. The legislation, known as the Rhode Island Economic Development Act, aims to attract more businesses to the state and create a more business-friendly environment.One of the key provisions of the new law is the reduction of corporate taxes for businesses that choose to relocate or expand their operations in Rhode Island. The law also includes incentives for businesses that create new jobs in the state and invest in local communities.Governor Jane Smith, who championed the legislation, hailed it as a major step towards making Rhode Island a more competitive destination for businesses. "This new law will help us attract new businesses, create jobs, and grow our economy," Governor Smith said in a statement.The Rhode Island Economic Development Act also includes provisions to streamline the process for obtaining business licenses and permits, making it easier for companies to start and grow their operations in the state. Additionally, the law includes measures to promote entrepreneurship and support small businesses.Business leaders in Rhode Island have welcomed the new legislation, with many expressing optimism about the impact it will have on the state's economy. "This new law will make it easier for businesses to thrive in Rhode Island and create opportunities for growth," said John Doe, CEO of a local manufacturing company.The passage of the Rhode Island Economic Development Act comes at a critical time for the state, as lawmakers seek to recover from the economic impact of the COVID-19 pandemic. With the new law in place, Rhode Island is poised to attract new businesses, create jobs, and drive economic growth in the years to come.