Arizona House approves new business tax credits - CBS 5 - KPHO

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Arizona House approves new business tax credits

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PHOENIX (AP) -

The Arizona House has given final approval to a bill granting new tax breaks of $50 million over three years for insurance companies that invest in high technology companies.

Monday's 44-15 vote sends the bill to the Senate.

A second tax credit bill that had been set for its initial approval was pulled from consideration. That bill will lower the property tax rate assessed on fixtures and other so-called "personal" property for businesses that expand and add jobs.

It also gives a new tax break for the self-employed. The value of the business tax break isn't known, but the self-employed reduction is valued at $58 million a year.

The bills being pushed by House Speaker Andy Tobin build on previous Republican efforts to make Arizona's tax climate more business friendly.

Copyright 2013 Associated Press.  All rights reserved.

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