House revives business tax cut rejected by voters
PHOENIX — An Arizona House committee has approved a bill that tries to revive a business property tax cut proposal rejected by voters in November.
The proposal to increase the personal property tax exemption from $50,000 to an amount equal to the annual earnings of 50 Arizona workers — or about $2.4 million — was approved by the House Ways and Means committee Thursday.
It would only apply to newly purchased equipment.
An identical bill was passed last year and referred to voters as Proposition 116. It failed by a vote of 44 percent to 56 percent.
An independent legislative analysis done last year put the state general fund cost at $8.2 million beginning in the 2014-2015 budget year.
If the bill passes the Legislature, it will again go to voters.
Copyright 2013 The Associated Press.