Gov. Jan Brewer has vetoed a bill to create a property tax break for businesses that qualify by making new investments and creating jobs.
The so-called “invest Arizona” legislation vetoed Friday would have provided qualifying properties with an assessment ratio providing a significantly smaller property tax bill.
Supporters said the tax break would spur business investment and boost the economy. Opponents said it would effective penalize small and existing businesses that don’t qualify for the favorable tax treatment.
Business groups were divided on the legislation, and Brewer cited that in explaining her veto, which she called reluctant.
Brewer also said the bill is unclear, could hurt local governments’ revenue and favor new businesses over existing ones.