Parking in Newport could get more expensive. How a Providence backed bill is the reason
NEWPORT – The City Council unanimously adopted a resolution on Wednesday in support of a state Senate bill that would allow municipalities in Rhode Island to levy a 7% tax on sales generated by parking lots and garages.
Senate Bill 0678 and its sister House Bill 5314 made their way to the General Assembly via the City of Providence and Mayor Brett Smiley. The mayor introduced the idea in January to tackle the city's settlement-induced budget deficit. A rough estimate from the mayor's office suggested Providence could secure up to $1.8 million in annual revenue from this tax.
Though dissimilar to the capital city's current deficit, the City of Newport faces its own revenue concerns, none the least of which is a backlog of infrastructure projects estimated to cost a total of $500 million. City officials have pointed to summer tourism as both a leading cause of this infrastructure maintenance challenge due to the increased usage of city roads and facilities and a possible solution in the form of additional taxes on the tourism and hospitality industry.
If passed, the city would have to pass an ordinance imposing the tax, which would then be collected by the state and redistributed to the municipalities. The tax would only apply to privately-owned off-street lots and garages that charge visitors fees.
Holder said the city has yet to crunch the numbers on how much revenue this tax would generate for the city, if implemented. According to Newport's Transportation Master Plan's Existing Conditions Report from 2022, there are currently 4,205 off-street public parking spaces in the city. Excluding the 484 parking stalls at the Gateway Center, 118 stalls at the Mary Street lot, 35 stalls at Long Wharf Mall and 32 stalls at Touro Court – all of which are owned by the City of Newport itself – that's 3,540 taxable spaces.
One such commercial lot is the one outside of the International Yacht Restoration School, a private, nonprofit trade school on Lower Thames. IYRS President Kern Maas expressed some concern about the possible impact the tax could have on the organization's revenue at the council meeting on March 26.
'We understand the need for finding revenues is important,' Maas said. 'We support that and certainly parking revenue is a part of that conversation. With that said, we just ask that when it comes back, we look at how it impacts especially small nonprofits in Newport. It's a crucial part of our revenue and we just wanted to let you know about that. Every dollar we create and every dollar we save is another dollar for our students for scholarships or for the student experience.'
Both Holder suggested that exempting commercial lots owned by nonprofits, such as IYRS, could be included in the ordinance the city writes should this enabling legislation pass in the General Assembly.
This article originally appeared on Newport Daily News: Parking in Newport could be taxed under bill in RI General Assembly
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