Business
TAX HOLIDAY IN MASS. HAS ITS LIMITS
01:00 AM EDT on Tuesday, August 8, 2006
Massachusetts' sales-tax holiday on Saturday and Sunday exempts most single items not exceeding $2,500 from the state tax. But consumers should be aware that bundled items, such as computer packages that include computer, monitor and printer in a single sales price, only qualify if the price of the entire bundle is less than $2,500.
Rhode Island legislators considered a sales-tax holiday during this year's session of the General Assembly but rejected the idea because they said it would cost the state too much in tax revenues. Some Rhode Island retailers, especially furniture stores, have been promoting sales-tax exemptions, to match the offer in Massachusetts.
CVS REVENUES UP 27.5 PERCENT
Woonsocket-based CVS Corp. yesterday said revenues for the four-week period that ended July 29 increased 27.5 percent to $3.4 billion, compared with $2.7 billion in the prior-year period, including the impact of the June 2 acquisition of 701 standalone Sav-On and Osco drugstores. Total pharmacy revenues represented 69.7 percent of total company revenues in July.
Sales from stores open more than one year for the four weeks ended July 29, increased 9.5 percent over the prior-year period. Pharmacy same-store sales increased 10.6 percent, despite being negatively impacted by approximately 240 basis points due to recent generic introductions. Front-end same-store sales increased 7 percent. Same-store sales do not include the drugstores acquired on June, which will be included in same-store sales following the one-year anniversary of the acquisition, beginning in fiscal July 2007.
GTECH BUYER REPORTS DECLINE IN WAGERS Lottomatica SpA, the Italian lottery company that is buying Rhode Island-based GTECH Holdings Corp., said last week that wagers placed on Italy's Lotto game declined 11 percent in July from a year earlier. Total bets were $611 million, the Rome-based company said in a stock-exchange statement. It didn't give a reason for the decline. Lottomatica is seeking to reduce its dependence on the Italian lottery and expand abroad. The GTECH purchase will give Lottomatica the largest share of the global lotteries market with 63 percent and operations in more than 50 countries.
AMICA OPENS SALES CENTER IN LINCOLN Amica Mutual Insurance has opened a new national sales center at the Amica Center in Lincoln. The center, which employs 36 people, represents a partnership between Amica and its branches to create ways to increase its policyholder base across the country. Amica plans to expand the operation over the next three to six months. John Patterson of Warwick, formerly of National Employee Benefits Corp. and Merrill Lynch, is the center's new manager.
SBA ISSUES $46 MILLION IN LOANS
The U.S. Small Business Administration has announced that its loan program has helped fund nearly $46 million in construction, expansion, acquisition and improvement projects in Rhode Island since Oct. 1. Funding for the 30 projects was provided through five SBA-certified development companies. The agency estimates that the projects will result in the creation or retention of more than 600 jobs. "This represents a major injection of capital into the Rhode Island economy," said Mark S. Hayward, director of the SBA Rhode Island district Office. "The SBA 504 loan program, known as the small-business window to Wall Street, is an excellent vehicle for small businesses to expand without a huge capital outlay. I urge any small-business owner considering the purchase, construction or expansion of a building or acquisition of major equipment to use this program." For information, call (401) 528-4561 or visit www.sba.gov/ri.
LOGAN TERMINAL EARNS GREEN HONOR Terminal A at Boston's Logan Airport has been cited for its "green technology" by a national buildings group, which noted the facility's heat-reflecting roof and windows, low-flow faucets and waterless urinals, self-dimming lights and storm water filtration. The 686,000-square-foot terminal, which opened to Delta Air Lines customers in March 2005, cost $400 million to construct. Massport officials say the technology will save the terminal almost $300,000 in electric bills and 1.7 million gallons of water a year. The facility is the first airport terminal to be certified by the U.S. Green Building Council, a coalition of builders, manufacturers and government groups promoting environmentally friendly buildings, for a Leadership in Energy and Environmental Design.
FORUM TO FOCUS ON HEALTH INSURANCE The Newport County Chamber of Commerce and State Sen. June Gibbs will host a forum on affordable health insurance for small businsses at 8:30 a.m. Aug. 16 at Middletown Town Hall, 350 East Main Rd. Health Insurance Commissioner Christopher F. Koller will offer details on legislation recently passed on the topic. To reserve a place, call (401) 847-1607.
HUD TO EXPLAIN HOW TO GET CONTRACTS The U.S. Department of Housing and Urban Development is joining with other federal and local agencies to host a free conference for small businesses to learn about new technologies and how to get contracts with the federal government. The conference will be from 8:30 a.m. to 2:30 p.m. Aug. 15 at the Johnson and Wales University campus recreation center, Harborside Campus, 1144 Narragansett Blvd., Cranston. The event is open to small businesses throughout New England. To register, call (401) 277-8300.
HORSENECK BEACH TO GET NEW LOOK Massachusetts plans to spend $5 million to give Horseneck State Beach in Westport a face-lift, including building a new administration building and lifeguard facilities at the popular summer spot. Department of Conservation and Recreation commissioner Stephen Burrington said Friday that the work on the beach would begin in the fall and the department expects to complete the work in one year. There will be new showers and restrooms, including satellite comfort stations so people at the beach won't have to walk very far. A portion of the parking lot will be replaced by benches, walkways and shaded areas. Elevated boardwalks will be built to provide access over dunes, and to protect the dunes and the plants and animals that live there.
ILL MASS. SENIORS TO GET MORE ASSISTANCE
Ailing seniors will soon be getting more help from Massachusetts to stay in their homes -- and out of nursing facilities. A new law, signed by Governor Romney on Thursday, makes it easier for the state to use Medicaid dollars to pay for a range of health services for people staying in private settings rather than nursing homes. Those services including home care, personal care attendants, private nursing, day rehabilitation, adult foster care and medical transportation. The new law also requires counseling for those on Medicaid thinking of entering a nursing home to see if staying at home or another private setting is a better option.
N.H. AIRPORT GETS MORE FOR IMPROVEMENTS
The Laconia, N.H., airport is getting nearly $3 million to improve its runway and taxiway. U.S. Sen. John Sununu said the money will be used to build a taxiway and rebuild the runway. The $2.7 million from the Federal Aviation Administration will be added to $5 million announced in April. The money will help the airport, in Gilford, comply with FAA regulations regarding its instrument landing system.
JUDGE ORDERS REVIEW OF LAB PROPOSAL A Massachusetts state judge has ordered another environmental review of a proposed Boston University biological research laboratory, saying earlier assessments failed to adequately consider alternative sites or weigh worst-case scenarios for release of deadly viruses or bacteria. Suffolk Superior Court Judge Ralph D. Gants, in a ruling made public Thursday, said the decision by the state Executive Office of Environmental Affairs to approve the lab "was arbitrary and capricious," and "lacked the necessary rational basis." BU wants to build the lab in the city's South End neighborhood. The facility would be part of a national group that will conduct research into some of the world's most dangerous germs and viruses. Gants' decision does not explicitly halt construction of the $178-million Albany Street project, which was given final approval by the National Institutes of Health in February. However, it does suspend some permits issued by the city and the state.
| The best cup of coffee: It's all about the roast | |
| Sweeping views and luxurious lifestyle at The Tower at Carnegie Abbey in Portsmouth | |
| Riding the rails of the Providence and Worcester Railroad |
|
More business stories
R.I.’s small-batch coffee roasters doing well despite recession
Most Viewed Yesterday
Senate commission to study marijuana decriminalization
Jury awards Roger Williams hospital patient $3.9 million
Supporters of state name change poised to woo voters’ support
Most active surveys
Why do you think Sarah Palin is prematurely stepping down as Alaska's governor?
How is this weather affecting you?
Should marijuana be decriminalized and taxed?
If the election for governor was held today, who would you vote for?
Most e-mailed in the last 24 hours
Reader Reaction










You must be logged in to contribute. Log in | Register Now!
You are logged in as screenname | Log Out
You are logged in, but do not have a "screen" name. Create a Screen Name