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Arizona governor signs economic development bill

Gov. Jan Brewer signs the proclamation calling the Legislature into special session to consider proposed legislation on economic development Monday, Feb. 14, 2011 at the Capitol in Phoenix. At left is Arizona Commerce Authority Co-Chair Don Carden and Arizona State Senate President Kirk Adams. (AP Photo/Matt York)

Gov. Jan Brewer signs the proclamation calling the Legislature into special session to consider proposed legislation on economic development Monday, Feb. 14, 2011 at the Capitol in Phoenix. At left is Arizona Commerce Authority Co-Chair Don Carden and Arizona State Senate President Kirk Adams. (AP Photo/Matt York)

Arizona Gov. Jan Brewer has signed a massive economic development bill laden with business tax cuts.

Brewer signed the bill Thursday evening.

The Legislature passed the bill on Wednesday with majority Republicans voting overwhelming for it and Democrats uniformly against it.

Passage of the bill capped a three-day special session called by Brewer on the package she negotiated with House Speaker Kirk Adams and Senate President Russell Pearce.

The tax cuts include a nearly 30 percent reduction in the corporate income tax rate over four years starting in 2018 and numerous other income and property tax changes benefiting businesses.

Supporters say it will attract investment, promote business growth and create jobs. Critics say it gives up tax revenue for state services without any guarantee that new jobs will result.

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