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Economic development bill awaits Brewer signature

A massive economic development bill laden with business tax cuts awaits Gov. Jan Brewer’s expected signature.

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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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